Senator Criticizes Bitcoin as a ‘Ponzi Scheme’, Sparking Backlash

Australian Senator Gerard Rennick has ignited controversy regarding cryptocurrency by labeling Bitcoin as a “Ponzi scheme,” triggering criticism from the bitcoin community and a warning from industry leaders. His comments, made in response to recent record highs for Bitcoin, center on its lack of tangible utility and a potential future valuation driven by BlackRock’s investment strategy.