Boris Johnson Slams Bitcoin as 'Giant Ponzi Scheme', Crypto Leaders Hit Back
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. He argued that Bitcoin's value relies on a constant flow of new, often inexperienced buyers rather than any intrinsic worth.
In his Daily Mail column published Friday, Johnson cited an anecdote about an Oxfordshire villager who lost £20,000 (~$26,450) after investing in Bitcoin through a pub acquaintance. The man spent three and a half years trying to recover his funds but ultimately lost the majority of his investment.
Johnson's characterization drew swift pushback from prominent figures in the crypto industry. Michael Saylor, chairman of Strategy, rejected the label on X, stating that Bitcoin does not meet the structural definition of a Ponzi scheme. He explained that Bitcoin has no issuer, promoter, or guaranteed return, but is instead an open, decentralized monetary network driven by code and market demand.
Tether (USDT) CEO Paolo Ardoino echoed Saylor's sentiments, while Blockstream CEO Adam Back addressed Johnson with his political nickname 'Bozza'. BitMEX Research summed up the debate in three words: 'Nobody is in charge.'