Boris Johnson Criticizes Bitcoin, Calling It a “Ponzi Scheme”

Former United Kingdom Prime Minister Boris Johnson has criticized Bitcoin, describing the digital asset as a “Ponzi scheme” in a recent opinion piece. Johnson argued that while certain collectibles maintain long-term appeal, he struggles to see the same investment logic behind Bitcoin.

In the article, Johnson shared the story of a friend who initially invested £500 with someone claiming they could double the money through Bitcoin. According to the account, the individual continued paying additional fees over several years and ultimately lost around £20,000, creating financial hardship. Johnson used the example to warn about scams linked to crypto investments.

He also compared Bitcoin with collectibles such as Pokémon cards, arguing that decades-old items tied to recognizable characters can still attract buyers and maintain trading value due to their cultural appeal.

Crypto Industry Pushes Back

The remarks triggered criticism from figures within the crypto industry. Michael Saylor responded by arguing that Bitcoin cannot be considered a Ponzi scheme because it has no central operator promising returns and functions as a decentralized monetary network driven by code and market demand.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.