Australian Senator Torches Bitcoin as ’Ponzi Scheme’—Crypto Fires Back
Another day, another politician missing the point on crypto. This time, an Australian senator dropped the ’Ponzi’ bomb—because nothing says ’I don’t understand blockchain’ like comparing it to a pyramid scheme.
Meanwhile, Bitcoin keeps chugging along, unfazed by hot takes from traditional finance’s hall of fame. Maybe someone should tell the senator that decentralized networks don’t care about his opinion—unlike the voters who’ll remember this at election time.
Bonus jab: If Bitcoin’s a Ponzi, what does that make fiat? A government-backed IOU with extra inflation?
Bitcoin and Australia
Rennick’s remarks followed Bitcoin’s recent surge to an all-time high above $111,000 and came just two weeks after Andrew Charlton was named Assistant Minister for Science, Technology, and the Digital Economy by Prime Minister Anthony Albanese.
Charlton is expected to lead Australia’s digital asset reform push, including a licensing regime that WOULD bring major exchanges under the Australian Financial Services Licence (AFSL) framework with draft legislation due later this year.
The government also plans to introduce safeguards against debanking and align the framework with global standards like the EU’s MiCA and Singapore’s Payment Services Act.
