Former UK Prime Minister Boris Johnson has labeled Bitcoin a “Ponzi Scheme” in an opinion piece, arguing it holds less value than collectible Pokémon cards. His comments, citing a friend’s alleged $26,474 loss, prompted swift rebuttals from cryptocurrency industry figures like Michael Saylor, who defended Bitcoin’s decentralized nature.
Former UK Prime Minister Boris Johnson called Bitcoin a “Ponzi Scheme” with less value than Pokémon cards in a published opinion article. He recounted a friend who allegedly lost approximately $26,474 after paying fees to a promoter promising returns on Bitcoin investment.
Johnson argued that decades-old Pokémon cards are more understandable as tradeable assets. The opinion piece drew immediate criticism from the cryptocurrency community online.
Michael Saylor, co-founder of MicroStrategy, responded by stating “Bitcoin is not a Ponzi scheme.” He explained that a Ponzi requires a central operator, while Bitcoin has no issuer and is driven by decentralized code.
Other executives refuted the claim by contrasting Bitcoin with traditional finance. Pierre Rochard, CEO of The Bitcoin Bond Company, stated that the UK itself is a “giant Ponzi scheme” financed by debt.
