This week, the cryptocurrency world was stirred by bold political commentary here at home, while global institutions continued to signal confidence in Bitcoin’s long-term potential. In Australia, Senator Gerard Rennick’s remarks labelling Bitcoin a “Ponzi scheme” sparked backlash from the local and international crypto communities. At the same time, institutional investment in digital assets surged, with record-breaking ETF inflows and major Bitcoin acquisitions by corporate and sovereign entities. As regulatory pressure eased in key markets and the Web3 ecosystem responded decisively to recent challenges, the broader crypto sector demonstrated resilience and growing credibility.

Leading the headlines this week, Australian Senator Gerard Rennick sparked strong reactions from the Bitcoin community after branding the cryptocurrency a “Ponzi scheme” and warning against foreign control over national currency systems. Rennick criticised Bitcoin for lacking intrinsic value and security, describing it as “unsecured credit” with no utility in producing goods or services. The People First Party founder also raised concerns about major holdings by institutions like BlackRock, framing them as a threat to Australia’s monetary sovereignty. While his comments drew criticism from some in the crypto space who questioned his interpretation of decentralised systems, they also reflect broader concerns among policymakers navigating the role of digital assets in national economies. The exchange highlights the continuing divide between traditional political views and the growing acceptance of Bitcoin in institutional finance.

In the macro and institutional arena, the iShares Bitcoin Trust (IBIT) recorded USD $6.22 billion in inflows during May, its strongest month to date. This highlights strong institutional interest in Bitcoin, even as price momentum shows signs of cooling after reaching new high’s last week. Strategy added 4,020 BTC to its balance sheet for approximately USD $427.1 million at an average price of USD $106,237 per Bitcoin. GameStop also confirmed a new Bitcoin purchase of 4,710 BTC. Beyond traditional finance, Paris Saint-Germain announced it will hold Bitcoin in its reserves, while Pakistan revealed plans to establish a national Bitcoin strategic reserve, further reinforcing Bitcoin’s growing role in both institutional and sovereign asset strategies.

In regulatory news, Binance scored a rare win as the U.S. Securities and Exchange Commission (SEC) officially dropped its lawsuit against the exchange. The dismissal represents a significant shift in the tone of regulatory enforcement in the United States and follows a string of recent legal pauses involving major crypto players. This outcome not only relieves Binance but may serve as a precedent in future cases involving exchanges that maintain global user bases but operate outside U.S. jurisdiction. However, the broader regulatory battle is far from over, with renewed scrutiny continuing in other markets globally.

On the Web3 front, resilience was on display as the decentralised trading protocol Cetus secured a major loan from the Sui Foundation in the aftermath of last week’s USD $223 million exploit. The funding will be used to fully compensate affected users, pending a governance vote to release frozen assets, drawing on both the loan and Cetus’s own treasury. The swift response has been praised by users as a model for effective damage control in the DeFi sector. This situation also reflects a maturing ecosystem where foundations and projects are increasingly equipped to manage crises transparently and collaboratively.

As Australian policymakers debate the future of digital assets, global institutions are quietly cementing Bitcoin’s place in the financial landscape. Whether in the boardrooms of major asset managers or the treasuries of football clubs and nation states, Bitcoin is steadily moving beyond speculation and into long-term strategy. While political resistance remains part of the narrative, this week made clear that the broader crypto market is maturing, supported by capital, infrastructure and international momentum. The question is no longer whether crypto is legitimate, but how and when to engage with its evolution.

More news stories circulating the block: 

• Nasdaq files for 21Shares spot Sui ETF

• Trump Media plans $2.5 billion raise to build Bitcoin treasury

• Telegram raises $1.7 billion in convertible bond offering

• Elon Musk confirms departure from D.O.G.E leadership role

• DeepSeek releases upgraded large language AI model

• US lawmakers introduce bipartisan crypto regulation bill