Bitcoin Cannot Be Consumed, Australian Senator Gerard Rennick Says

On May 23, 2025, Senator Gerard Rennick of Australia mentioned on social media that Bitcoin cannot be consumed. Many people in the cryptocurrency community reacted to Senator X’s comments

Senator Gerard Rennick, from Queensland, has sparked debate after stating on X, formerly known as Twitter, that Bitcoin cannot be used to feed anyone.

His comment, made on May 23, drew reactions from members of the cryptocurrency community who pointed out what the Senator X’s post didn’t mention about the cryptocurrency and why it’s used.

Rennick’s comment comes as part of his broader effort to support economic actions such as his plan for a new party focused on helping the public. However, some critics say his rejection of Bitcoin fails to recognize its widespread adoption globally.

The Australian Bitcoin Industry Body (ABIB) also chimed in to argue that Rennick’s comment shows a lack of understanding of Bitcoin’s purpose.

“Senator Rennick mentions that Bitcoin 'cannot feed anyone’,” ABIB stated. “Perhaps he’s never encountered someone using Bitcoin to buy groceries.”

The industry body added that Bitcoin, which is valued at over $2 trillion, is not meant to be bought and used for food. Instead, it’s meant to be held and used as protection against inflation.

“A better question might be: how can Australia strengthen its economy to meet future challenges?” ABIB stated, arguing that such misinterpretations of Bitcoin could lead to policies that block innovation.

The world’s main cryptocurrency, Bitcoin, is based on a decentralized blockchain that supports secure transactions around the globe. In recent times, the market value of cryptocurrencies has been increasing thanks to more institutions joining in and a rise in public interest, according to CoinMarketCap.

However, Rennick’s comment seemed to downplay the industry’s contribution to the economy.

Community Fires Back

The community of Bitcoin users quickly reacted to each of the claims made by the Senator.

In response to ABIB’s statement that Bitcoin’s value depreciates less over time compared to fiat currencies which can inflate, one X user claimed that the industry body’s comment was a better takeaway for the Senator.

“A valuable point from ABIB. Perhaps Senator Rennick can consider this insight as he crafts his new party’s platform,” the user said.

Another user, who said they had been using Bitcoin for over 10 years, added that they had never seen its price decrease to zero despite market crashes.

A third user said that, while Bitcoin cannot be eaten, its increasing value makes it a good tool for protecting wealth. They added that blockchain technology can be used to create new food production and climate solutions.

“Senator Rennick, I urge you to reconsider your statement and focus on the vast potential that Bitcoin and blockchain technology offer for innovation, economic growth and a better future for all Australians,” the user said in a message directed at the Senator.

Senator's Comment Sparks Debate on Cryptocurrency Policy

The event highlights a difference in perspective between those involved in traditional policymaking and those who support cryptocurrency.

If Bitcoin is misunderstood, it could limit Australia’s ability to be a leader in blockchain technology, ABIB cautioned. The group urged the government to examine how Bitcoin can help strengthen the country’s economy.

There is an ongoing global discussion about how Bitcoin impacts today’s economies. Supporters argue that it provides an opportunity for regions with unstable currencies to achieve financial independence.

The website Blockchain.com shows that the volume of Bitcoin transactions increases daily and usually exceeds $30 billion. This fact further underscores why cryptocurrencies are becoming both a place to store money and a medium for making transactions.

Those critical of Rennick’s statement say it disregards these realities. They argue that because Bitcoin is decentralized, it reduces people’s reliance on major banks.

ABIB's warning was that Australia could lag behind if the government does not fully engage with the benefits of Bitcoin. The goal is to ensure Australians are prepared to handle future challenges and disasters, they stated.

The Senator’s comment comes as more entities around the world are adopting Bitcoin. In El Salvador, Bitcoin is used as legal tender, and global companies like Tesla also hold Bitcoin on their balance sheets.

In contrast to Rennick’s opinion, these changes highlight a gap between political attention and rapid financial developments.

Due to the controversy, lawmakers are now being urged to prioritize more education on cryptocurrencies. ABIB highlighted the importance of understanding how Bitcoin operates in order to create sound policies.

They cautioned that failing to consider it would alienate a growing segment of the population interested in digital assets.