Johnson's BTC Blast Sparks Controversy

Former UK Prime Minister Boris Johnson has sparked controversy in the crypto community after calling Bitcoin (BTC) a 'giant Ponzi scheme' in a recent column. Johnson's statement, published in the Daily Mail on Friday, drew swift pushback from prominent figures in the industry.

In the column, Johnson argued that Bitcoin relies on a constant influx of new investors rather than any inherent value. He cited an anecdote about an elderly villager who lost £20,000 (~$26,450) trying to recover funds invested through Bitcoin after being promised double returns.

Michael Saylor, chairman of Strategy, countered Johnson's characterization, stating that Bitcoin does not meet the structural definition of a Ponzi scheme. He noted that Bitcoin has no central operator or guaranteed return, but rather an open and decentralized monetary network driven by code and market demand.