“An Australian senator has managed to enrage the entire Bitcoin community after branding the wildly popular cryptocurrency as a “Ponzi scheme”. Experts hailed the surge as a “major milestone”. However, Senator Rennick dismissed this recent development, saying Bitcoin will ultimately go to $1 million. He said this was because the cryptocurrency is a Ponzi scheme, which is a fraudulent investment scheme that relies on recruiting new investors to pay returns to earlier investors. The People First Party founder then suggested BlackRock, the world’s biggest asset manager and one of the largest Bitcoin holders, would “pump more and more dollars into a supply constrained product”. “What exactly will this product produce? Absolutely nothing and nor will the thousands of people buying and selling it,” Senator Rennick wrote on X. “Australia needs real engineers not financial engineers. We need infrastructure that delivers essential services particularly energy, water and transport.” ••••••••••••••••••••••••••••••••••••••••••••• Last week I was trolled by a Bitcoiner and asked about my views on bitcoin. I gave the response above and have been piled on ever since by the bitcoin community. Some of the responses have been quite entertaining accusing me of not understanding bitcoin or money. Given I worked as a treasury accountant for over a decade and have a Masters of Finance majoring in treasury this was a stretch. Why bitcoiners want my affirmation of bitcoin is beyond me. I thought they wanted the government out of their lives. While they are free to invest as they like, governments need to stay focused on providing essential services driven by infrastructure and innovation. Credit simply tells you who controls an asset. If you have title you have equity. If the bank has title (mortgage) the bank controls the asset and you have debt. Bitcoin has no security over a hard asset that generates goods or services. It is unsecured credit. It is ultimately highly speculative. Furthermore it is not a currency backed by any government. Indeed the biggest owner of bitcoin, Satoshi Nakamoto, is unknown but could very well be an Intelligence agency. The next biggest owner is Blackrock. In 1776 American patriots went to war because they rejected the 1763 Currency Act where the British tried to force the Colonies to use British pounds. No country should ever allow foreigners to control their currency. That is why People First will continue to push back on Bitcoin. While it’s inherently a ponzi/pyramid scheme there is no way any patriotic politician should allow a currency controlled by foreign interests to usurp our own currency. Keating outsourced control of our currency to foreign banks in 1985. We need to take control of our currency back and not allow any more foreign control of our credit markets. Because foreign control of credit means foreign control over our assets - infrastructure, farmland and housing. The best way for governments to control credit is to only issue new bonds against infrastructure that will pay off the bonds. That way the debt becomes equity over time and our children are left with nation building infrastructure, not bytes in a foreign computer. Quote from: news.com.au/finance/money/we…