Former British Prime Minister Boris Johnson has called Bitcoin a “giant Ponzi scheme,” expressing skepticism about its fundamental value and investor protections. Despite his personal criticism, the regulatory groundwork laid during his administration from 2019 to 2022 helped shape the United Kingdom’s current approach to cryptocurrency oversight.
Former British Prime Minister Boris Johnson has publicly criticized Bitcoin, labeling it a “giant Ponzi scheme.” He wrote about a friend who lost roughly $25,400 investing in the cryptocurrency.
Johnson stated, The more elderly people get ripped off – in the name of Bitcoin – the faster that disillusion will set in. He acknowledged some arguments for decentralization but questioned accountability in a system with no central authority. The former Prime Minister posed, What happens when that belief melts away? I’ve long suspected Bitcoin is a giant Ponzi scheme, and now I’m hearing tales of woe that make me fear I’m right.
His comments drew immediate backlash from parts of the crypto community online. Some critics sarcastically compared the UK’s national debt and the British Pound to a Ponzi scheme in response.
Despite his personal views, Johnson’s tenure saw the initial development of the UK’s crypto regulatory framework. Then-Chancellor Rishi Sunak pledged to make the country a global crypto asset hub during this period. The Financial Conduct Authority (FCA) began crafting a regulatory perimeter for different crypto assets starting in 2019.
This foundational work informed stronger sector regulation introduced in 2023, after Johnson left office. The FCA has since approved crypto ETFs and is developing frameworks for stablecoins and broader market structure.
