Australian Senator’s Bitcoin ’Ponzi Scheme’ Remarks Ignite Crypto Industry Backlash
Australian Senator Gerard Rennick recently sparked controversy by labeling Bitcoin a ’Ponzi scheme’ in a social media post, drawing sharp criticism from cryptocurrency advocates. The Australian Bitcoin Industry Body quickly condemned the remarks as misinformed, warning of potential negative policy repercussions. This clash comes at a pivotal time, as Australia’s Labor government is currently drafting cryptocurrency legislation under its post-election mandate. Meanwhile, Bitcoin’s price remains robust, standing at 109,673.91 USDT as of May 26, 2025. The incident highlights the ongoing tension between traditional policymakers and the rapidly evolving digital asset sector, with the crypto community pushing back against what they see as outdated and inaccurate characterizations of Bitcoin. As regulatory frameworks take shape globally, such debates underscore the importance of informed policymaking that balances innovation with consumer protection in the cryptocurrency space.
Australian Senator Labels Bitcoin a ’Ponzi Scheme’, Sparks Industry Backlash
Australian Senator Gerard Rennick ignited controversy by dismissing Bitcoin as a "Ponzi scheme" in a social media post, drawing sharp criticism from crypto advocates. The Australian Bitcoin Industry Body condemned the remarks as misinformed, warning of potential policy repercussions.
The clash coincides with Australia’s Labor government drafting cryptocurrency legislation under its post-election mandate. Bitcoin’s global momentum contrasts with localized political skepticism, highlighting the tension between institutional adoption and regulatory scrutiny.
Bitcoin Rebound to $110K Liquidates $1B Short on Hyperliquid
Bitcoin staged a 3% recovery to $110,256 during Asian trading hours, erasing weekend losses after retreating from all-time highs. The rebound underscores institutional dominance in current market dynamics, with analysts pointing to corporate flows as the primary driver of sustained momentum.
Valentin Fournier of Blockhead observes: "Short-term rallies remain fragile without institutional participation." The price action triggered cascading liquidations, including a single $1 billion short position on Hyperliquid’s decentralized platform.
Blockstream CEO Adam Back Leads $2.2M Investment in Swedish Health Tech Firm H100 Group, Boosting Bitcoin Treasury Adoption
Bitcoin’s institutional adoption reaches new frontiers as Blockstream CEO Adam Back spearheads a $2.2 million investment in Swedish health technology company H100 Group AB. The funding marks a significant milestone, with H100 becoming the first publicly traded firm in Sweden—and among the first in Europe—to integrate bitcoin into its treasury strategy.
H100 Group’s shares surged 37% following its announcement to accumulate approximately 24.57 BTC through zero-interest convertible loans maturing in 2028. The MOVE underscores growing corporate confidence in Bitcoin as a reserve asset beyond traditional tech and finance sectors.
Adam Back’s involvement, as both a cypherpunk pioneer and Bitcoin advocate, lends credibility to H100’s unconventional treasury pivot. Market observers view this as further validation of Bitcoin’s maturation into mainstream corporate finance.
Will Bitcoin Trade Like a Risk Asset This Week?
Bitcoin surged to an all-time high above $111,000 last week, fueling speculation of further record-breaking gains. The rally faltered on Friday as U.S. President Donald Trump’s renewed tariff threats against the European Union rattled global markets. The cryptocurrency tumbled alongside risk assets, slipping toward $107,000 despite broader bullish expectations.
A reprieve emerged after Trump delayed planned 50% tariffs on EU imports, pushing the deadline from June 1 to June 9. The decision followed discussions with European Commission President Ursula von der Leyen. This temporary de-escalation in trade tensions weakened gold’s haven appeal while providing modest relief to crypto markets.
Robert Kiyosaki Touts Bitcoin as the Easiest Path to Wealth
Robert Kiyosaki, author of ’Rich Dad Poor Dad,’ asserts that accumulating wealth through Bitcoin is remarkably straightforward. The financial educator emphasizes that even a minimal investment, such as 0.01 BTC, could yield significant returns within two years.
Bitcoin’s historical performance underscores its potential to outperform traditional assets, according to Kiyosaki. His bullish stance reflects broader Optimism about the cryptocurrency’s growth trajectory, though he questions why more investors remain hesitant.
