Former Prime Minister of the UK, Boris Johnson, mentioned he has all the time feared that Bitcoin is a “large Ponzi scheme,” with the most recent tales across the cryptocurrency showing to show him proper.
Former Prime Minister Johnson Calls Pokémon Playing cards A Higher Wager Than BTC
In a March 13 Every day Mail column, former UK Prime Minister Boris Johnson shared his ideas about Bitcoin, the world’s largest cryptocurrency by market capitalization. In line with the previous political chief, Bitcoin and different crypto belongings are a Ponzi scheme as a result of they lack intrinsic worth and adequate real-world makes use of.
Johnson argued that Bitcoin depends on the “larger idiot” principle and is sustained by the collective perception that limitless new patrons will emerge. Sharing the story of an aggrieved native investor, the previous UK chief warned that bizarre persons are more and more falling sufferer to crypto-related fraud.
Johnson in contrast the flagship cryptocurrency to conventional shops of worth, akin to gold and fiat foreign money, whereas claiming that Pokémon playing cards are a safer long-term wager than the world’s largest cryptocurrency. Whereas noting the historic attract of gold and the sentimental worth of classic Pikachu playing cards, the previous Prime Minister referred to as Bitcoin “strings of numbers” with no central authority or accountability.
The truth is, Johnson argued that decentralization, a singular promoting level of cryptocurrencies, is their biggest weak spot. In his Every day Mail column, the previous Mayor of London predicted that the eroding confidence — particularly amongst common individuals — would be the reason behind Bitcoin’s finish.
Curiously, opposite to his newest feedback in his Every day Mail column, Johnson’s personal administration was fairly instrumental in opening the UK’s doorways to the digital asset trade. In April 2022, the then-Chancellor of the Exchequer, Rishi Sunak, unveiled a major initiative to make the UK a “world hub for cryptoasset know-how and funding.”
Bitcoin Is Not A Ponzi Scheme: Michael Saylor
Expectedly, Johnson’s feedback concerning the premier cryptocurrency sparked fascinating reactions from completely different corners of the crypto group. Technique’s founder and chairman, Michael Saylor, produced one of many loudest rebuttals to the previous Prime Minister’s claims.
Bitcoin just isn’t a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early traders 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
Saylor, in a reply on X (previously Twitter), mentioned that Bitcoin just isn’t a Ponzi scheme. Utilizing the definition of a Ponzi scheme, the Technique chairman reiterated that the flagship cryptocurrency has no “central operator promising returns and paying early traders with funds from later ones,’ as typically required by Ponzi schemes.
Saylor wrote:
Bitcoin has no issuer, no promoter, and no assured return—simply an open, decentralized financial community pushed by code and market demand.
Saylor has been one of the vocal supporters of Bitcoin, together with his firm’s regular acquisition a proof of his perception in Bitcoin’s long-term promise. As of this writing, the worth of BTC stands at round $70,590, reflecting a 1.4% decline prior to now 24 hours.
The value of BTC on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from Reuters, chart from TradingView
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