Boris Johnson Blasts Bitcoin as 'Giant Ponzi Scheme'

Former U.K. Prime Minister Boris Johnson has sparked controversy in the crypto community by calling Bitcoin (BTC) a 'giant Ponzi scheme' in a recent column for The Daily Mail.

In his article, Johnson described an Oxfordshire villager who lost £20,000 (~$26,450) after investing £500 (~$661) in Bitcoin through a pub acquaintance. He argued that Bitcoin relies on a constant flow of new buyers rather than any intrinsic value, saying 'Like all such schemes, they depend on a constant supply of new and credulous investors.'

Johnson's comments drew swift pushback from prominent figures in the industry. Michael Saylor, chairman of Strategy, rejected the characterization on X, stating that Bitcoin does not meet the structural definition of a Ponzi scheme. He explained that 'A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,' whereas 'Bitcoin has no issuer, no promoter, and no guaranteed return - just an open, decentralized monetary network driven by code and market demand.'

Tether (USDT) CEO Paolo Ardoino also responded to Johnson's comments, while Blockstream CEO Adam Back addressed him by his nickname 'Bozza.' BitMEX Research added context with the phrase 'Nobody is in charge,' referring to the decentralized nature of Bitcoin.