Former UK Prime Minister Boris Johnson has reignited the cryptocurrency debate together with his harsh statements about Bitcoin.
Johnson mentioned he has lengthy suspected that Bitcoin might be “a large Ponzi scheme,” and that some investor tales he has not too long ago heard have bolstered this view.
Johnson voiced his criticisms of the cryptocurrency market by a private anecdote. He recounted how an aged acquaintance he met at a village church had fallen into critical monetary difficulties attributable to Bitcoin investments. Johnson defined that this particular person had invested in BTC years in the past on the recommendation of an acquaintance. In keeping with Johnson, this individual initially believed they’d earn a living shortly with a small funding, however after about three and a half years, that they had misplaced roughly £20,000 attributable to varied charges and failed makes an attempt. Johnson acknowledged that there have been different folks within the area who had skilled related conditions.
Touching upon the basic worth of crypto belongings, Johnson argued that bodily belongings like gold have historic attraction, and even collectibles possess a sure demand and perceived worth. In distinction, claiming that Bitcoin is merely a sequence of numbers saved on laptop networks, Johnson raised the query, “Who’s behind this asset, who’s accountable?” He acknowledged that fashionable financial techniques are constructed on state authority and belief, and {that a} foreign money with out a government can solely preserve its worth by investor confidence.
The previous prime minister argued that the sustainability of the cryptocurrency market depends upon the inflow of latest buyers, claiming it resembles Ponzi schemes. Warning that older and inexperienced buyers specifically might be weak to fraud, Johnson expressed his perception that belief within the crypto market may diminish over time. He additionally recommended that sooner or later, even buying and selling playing cards is perhaps a greater funding than Bitcoin.
Massive Bull Michael Saylor Responds to Johnson
Johnson’s remarks shortly drew a response from Bitcoin supporters. Michael Saylor, founding father of MicroStrategy and a Bitcoin advocate, acknowledged that Bitcoin can’t be characterised as a Ponzi scheme. Saylor defined that Ponzi schemes are usually run by a centralized operator promising buyers sure returns, whereas Bitcoin has no central issuer or assured return. In keeping with Saylor, Bitcoin operates as a decentralized cash community powered by open-source code and market demand.
Bitcoin is just not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early buyers with funds from later ones. Bitcoin has no issuer, no promoter, and no assured return—simply an open, decentralized financial community pushed by code and market demand.
— Michael Saylor (@saylor) March 13, 2026
*This isn’t funding recommendation.
