Bitcoin Hits All-Time High, Australian Politician Throws Cold Water On
Just one day after Bitcoin hit a new high of $111,970, Senator Gerard Rennick, leader of the People First Party and representative for Queensland, took to social media to publicly denounce Bitcoin. He claimed that Bitcoin “creates no real value” and condemned the influx of institutional money into the asset.
Rennick was particularly critical of BlackRock’s investment strategy, saying that “the world’s largest asset manager is pumping money into a scarce product that produces nothing.” He even went so far as to dismiss the role of cryptocurrency market participants, asserting that Australia needs “real engineers, not financial engineers.”
Cryptocurrency Industry Strikes Back
In response to the statement, the Australian Bitcoin Industry Association was quick to respond, criticizing Rennick’s views as “ill-informed” and potentially leading to policies that stifle innovation. The organization stressed that Bitcoin is not simply an investment vehicle, but also a platform for technological innovation, asset protection and economic resilience.
Some cryptocurrency advocates have even mocked Rennick’s argument, saying “you can’t eat the internet, but no one denies its value.” The debate appears to reflect the tension between the traditional financial world and the wave of technological innovation that is reshaping the global financial system.
Australian government between two waves of politics and technology
Currently, Australia is in the process of building a legal framework for digital assets, with a White Paper released by the Treasury in March 2025, aiming to integrate cryptocurrencies into the national economy. Proposals include licensing exchanges, mining digital assets in the real world, and testing CBDCs (central bank digital currencies).
However, statements from politicians like Rennick show that there is still a large gap between policy and market practice. This poses a challenge for Australia in competing with countries like Singapore and the EU, which have established clear regulatory frameworks to attract blockchain technology investment.
Bitcoin Hits New Record: The Power of Institutional Investment
Bitcoin's all-time high this May was fueled by bullish market sentiment and inflows from institutional investors. BlackRock's iShares Bitcoin Trust, which now manages over $51 billion in assets, recommends that investors allocate 1-2% of their portfolios to Bitcoin as a means of financial diversification.
This directly refutes Rennick's argument that Bitcoin is merely a speculative instrument. The growing involvement of traditional financial institutions is cementing Bitcoin’s status as a legitimate asset class, on par with gold or stocks.
Australian Cryptocurrency Adoption Continues to Grow
According to data from Bitcoinist, the percentage of Australians who own cryptocurrency has increased to 32.5%, or around 6.3 million people – a remarkable figure that shows a shift in financial behavior in society. In 2025, 57% of cryptocurrency users saw profits, up from 37% the year before. Long-term investors – those who hold assets for more than six years – saw returns of up to 73.5%.
The Future of Cryptocurrency Policy – Australia at a Crossroads
Statements like Rennick’s are not just personal, but also reflect a global policy debate about the role of cryptocurrency. In the US, digital asset bills are also stalled due to partisan bickering, while many other countries have moved ahead in building transparent regulatory frameworks.
If Australia does not take a more comprehensive and open view of digital assets, it could fall behind in the race to innovate blockchain – a technology that is expected to shape the world’s financial landscape in the next decade.
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🔎 The Global Bitcoin Policy Index (GBPI) provides a comprehensive view of how countries around the world are developing cryptocurrency policies. It helps assess global trends and regulatory best practices for sustainable digital finance.