Johnson's Scathing Assessment of Bitcoin Sparks Backlash from Crypto Elites

Former UK Prime Minister Boris Johnson has sparked controversy in the cryptocurrency community by calling Bitcoin (BTC) a 'giant Ponzi scheme' in a recent column for the Daily Mail. The statement comes as the Bitcoin network mined its 20 millionth coin, a milestone that highlights the asset's hard-coded 21 million supply cap.

Johnson argued that Bitcoin relies on a constant influx of new, often inexperienced investors rather than any intrinsic value. He cited an anecdote about an elderly villager who lost £20,000 ($26,450) in a failed attempt to double his initial investment through Bitcoin.

BTC proponents have pushed back against Johnson's characterization, with Strategy chairman Michael Saylor and Tether (USDT) CEO Paolo Ardoino among those defending the asset. Saylor argued that Bitcoin does not meet the definition of a Ponzi scheme, as it has no central operator or guaranteed returns.