- Boris Johnson labeled Bitcoin a “giant Ponzi scheme,” citing a local investor’s £20,000 loss over 3.5 years.
- Michael Saylor countered, stating Bitcoin lacks a central operator or guaranteed returns, unlike Ponzi schemes.
- Crypto commentators highlighted Bitcoin’s fixed supply, decentralized network, and voluntary participation.
Former U.K. Prime Minister Boris Johnson described Bitcoin as a “giant Ponzi scheme” in a Daily Mail opinion column. Johnson shared the remarks publicly and discussed them on X, criticizing the cryptocurrency’s value structure. However, Strategy Executive Chairman Michael Saylor and several crypto commentators quickly challenged the claim online.
Boris Johnson Questions Bitcoin’s Value
Boris Johnson explained his view through a personal story from his village in Oxfordshire. According to Johnson, a retired resident gave £500 to a man who promised to double the investment using Bitcoin.
Johnson said the individual later paid additional fees while trying to withdraw funds. Over three and a half years, the victim reportedly lost around £20,000. Johnson described the situation as a scam connected to cryptocurrency promotion.
He argued that such incidents reinforce concerns about Bitcoin’s economic structure. The former prime minister also compared Bitcoin with other assets. He said items such as gold or collectible cards carry cultural or physical appeal.
Johnson specifically referenced Pokémon cards as an example of a collectible with long-standing popularity. By contrast, he described Bitcoin as only “a string of numbers stored in computers.”
He also questioned the identity of Bitcoin creator Satoshi Nakamoto. According to Johnson, the pseudonymous creator offers no institutional accountability.
Michael Saylor Responds to Ponzi Claim
Michael Saylor, executive chairman of Strategy, responded directly to Johnson’s statement. Saylor argued that Bitcoin does not match the definition of a Ponzi scheme. According to Saylor, Ponzi structures require a central operator promising returns. Early investors receive payouts funded by later participants.
Saylor stated that Bitcoin lacks such characteristics. He said the network has no issuer, promoter, or guaranteed profit mechanism. Instead, Saylor described Bitcoin as an open monetary network driven by software and market demand. He emphasized that users voluntarily participate in the system.
Crypto Community Challenges Johnson’s View
Notably, contributors in X’s community notes program added context to Johnson’s claim. The note explained that Ponzi schemes promise unusually high returns with minimal risk. According to the note, Bitcoin does not include such guarantees.
Other users responded with technical explanations of the network. Some highlighted Bitcoin’s fixed supply and decentralized architecture. Meanwhile, BitMEX Research posted a brief response online. The group wrote that “nobody is in charge” of the Bitcoin network.
