Boris Johnson Labels Bitcoin a 'Giant Ponzi Scheme', Sparks Industry Pushback

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

In his article, published on Friday, Johnson argued that Bitcoin relies on new investors to maintain its value rather than any intrinsic worth.

Johnson grounded his argument with an anecdote about an elderly villager who lost £20,000 (~$26,450) after investing in Bitcoin through a pub acquaintance. The man had handed over £500 (~$661) three and a half years prior, expecting to double his sum.

Saylor, Ardoino, and Back responded swiftly, with Saylor stating that Bitcoin does not fit the Ponzi definition due to its decentralized nature and lack of a central operator or guaranteed returns. Ardoino drew attention to the notes on X pointing out that Ponzi schemes promise artificially high returns, whereas Bitcoin's value is determined by market forces.