Former UK Prime Minister Boris Johnson has launched a fierce public attack on Bitcoin (BTC), labeling it a "giant Ponzi scheme" in his Daily Mail column. Johnson based his criticism on a personal anecdote about a church acquaintance who allegedly lost £20,000 after being lured into a crypto investment scheme that promised to double a £500 investment via Bitcoin.
Johnson argued that Bitcoin lacks intrinsic value and an identifiable authority. "I can see the intrinsic value of gold," he wrote. "I can even understand why Pokemon cards have kept their value. But Bitcoin? What is it? It's just a string of numbers stored in a series of computers." He highlighted the mystery surrounding Bitcoin's creator, Satoshi Nakamoto, and stated that the system's value depends "completely on the collective belief... of the Bitcoin holders." Johnson warned that increasing fraud cases linked to crypto investments could erode confidence in the entire sector.
Prominent Bitcoin advocate and MicroStrategy executive chairman Michael Saylor swiftly responded on social media platform X, directly refuting Johnson's characterization. "Bitcoin is not a Ponzi scheme," Saylor stated. "A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand."
The public clash highlights a stark reversal from Johnson's own political legacy. In April 2022, his administration promoted an initiative to turn the UK into a "global hub for cryptoasset technology and investment." His recent comments now frame decentralization as a weakness rather than a strength, potentially influencing public perception and regulatory debates in the UK and beyond.
