Former UK Prime Minister Calls Bitcoin A ‘Giant Ponzi Scheme’, Strategy’s Saylor Replies

Former Prime Minister of the United Kingdom, Boris Johnson, said he has always feared that Bitcoin is a “giant Ponzi scheme,” with the latest stories around the cryptocurrency appearing to prove him right.

Johnson argued that Bitcoin relies on the “greater fool” theory and is sustained by the collective belief that endless new buyers will emerge. Sharing the story of an aggrieved local investor, the former UK leader warned that ordinary people are increasingly falling victim to crypto-related fraud.

Johnson compared the flagship cryptocurrency to traditional stores of value, such as gold and fiat currency, while claiming that Pokémon cards are a safer long-term bet than the world’s largest cryptocurrency. While noting the historic allure of gold and the sentimental value of vintage Pikachu cards, the former Prime Minister called Bitcoin “strings of numbers” with no central authority or accountability.

In fact, Johnson argued that decentralization, a unique selling point of cryptocurrencies, is their greatest weakness. In his Daily Mail column, the former Mayor of London predicted that the eroding confidence — especially among regular people — will be the cause of Bitcoin’s end.

Expectedly, Johnson’s comments about the premier cryptocurrency sparked interesting reactions from different corners of the crypto community. Strategy’s founder and chairman, Michael Saylor, produced one of the loudest rebuttals to the former Prime Minister’s claims.

Bitcoin is not a Ponzi scheme. 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.

Saylor wrote:

Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.

Saylor has been one of the most vocal supporters of Bitcoin, with his company’s steady acquisition a proof of his belief in Bitcoin’s long-term promise. As of this writing, the price of BTC stands at around $70,590, reflecting a 1.4% decline in the past 24 hours.