Boris Johnson Blasts Bitcoin as 'Giant Ponzi Scheme'

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

In the article, published on Friday, Johnson cited a personal anecdote of an Oxfordshire villager who lost £20,000 (~$26,450) after investing in Bitcoin through a pub acquaintance. He argued that Bitcoin's value relies on a constant flow of new investors rather than any intrinsic worth.

JJohnson wrote: 'Like all such schemes, they depend on a constant supply of new and credulous investors.'

However, BTC supporters quickly hit back at Johnson's claims, with Strategy chairman Michael Saylor rejecting the characterization by pointing out that Bitcoin has no central operator or guaranteed returns. Tether (USDT) CEO Paolo Ardoino also chimed in, highlighting the decentralized nature of the asset.