Boris Johnson Labels Bitcoin a 'Giant Ponzi Scheme', Sparks Crypto Backlash
Former UK Prime Minister Boris Johnson has sparked controversy in the crypto community by calling Bitcoin (BTC) a 'giant Ponzi scheme' in a recent column. In his article, Johnson cited an anecdote about an elderly villager who lost £20,000 (~$26,450) after investing in Bitcoin through a pub acquaintance.
Johnson argued that Bitcoin relies on new investors to maintain its value and expressed concern that more people could suffer similar losses if faith in the asset erodes. However, prominent crypto advocates have pushed back against his characterization.
Straategy chairman Michael Saylor rejected the comparison, pointing out that a Ponzi scheme requires a central operator promising returns, which Bitcoin does not have. Tether (USDT) CEO Paolo Ardoino and Blockstream CEO Adam Back also spoke out against Johnson's remarks, with Back addressing him by his nickname 'Bozza.'