Boris Johnson Slams Bitcoin as 'Giant Ponzi Scheme'

Former UK Prime Minister Boris Johnson has called Bitcoin (BTC) a 'giant Ponzi scheme' in a recent column. He argued that the asset depends on new, often inexperienced buyers rather than any intrinsic value.

Johnson based his argument on a personal anecdote about an Oxfordshire villager who lost £20,000 (~$26,450) trying to recover their funds after investing in Bitcoin through a pub acquaintance.

BTC supporters have consistently countered that the absence of a central operator disqualifies the asset from being a Ponzi scheme by construction.

Strategy chairman Michael Saylor rejected the characterization on X, stating that 'A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,' which does not apply to Bitcoin. Tether (USDT) CEO Paolo Ardoino also drew attention to this point, highlighting that BTC's value is set by the free market alone.