Bitcoin vs Boris: Former PM Slams Crypto as 'Giant Ponzi Scheme'
Former UK Prime Minister Boris Johnson sparked controversy in the crypto community when he labeled Bitcoin (BTC) a 'giant Ponzi scheme' in a recent Daily Mail column. Johnson's comments were met with swift pushback from prominent figures, including Strategy chairman Michael Saylor and Tether CEO Paolo Ardoino.
In his column, Johnson argued that Bitcoin relies on new investors to sustain its value, rather than any intrinsic worth. He cited the example of an Oxfordshire villager who lost £20,000 (~$26,450) investing in Bitcoin through a pub acquaintance.
Saylor rejected the characterization, stating that Bitcoin does not meet the structural definition of a Ponzi scheme due to its decentralized nature and lack of central operator. Ardoino echoed this sentiment, pointing out that Bitcoin's value is set by the free market alone.