Boris Johnson Calls Bitcoin a Ponzi Scheme, Sparks Crypto Backlash

TLDR:

• Boris Johnson labeled Bitcoin a Ponzi scheme in a March 13 Daily Mail opinion column.
• Michael Saylor argued Bitcoin lacks a central operator, a key requirement of Ponzi schemes.
• Social posts cited Bitcoin’s $1.42 trillion market cap and roughly $62 billion daily volume.
• Former Chancellor Kwasi Kwarteng said politicians often misunderstand Bitcoin’s fixed supply design.

Bitcoin faced renewed political criticism after former UK Prime Minister Boris Johnson labeled it a Ponzi scheme. 

Johnson shared the view in a March 13 Daily Mail opinion piece discussing digital assets and financial scams. His remarks compared Bitcoin unfavorably to assets such as gold and even collectible Pokémon cards. 

The column quickly circulated across social platforms and triggered a wave of responses from crypto leaders.

Boris Johnson Calls Bitcoin a Ponzi Scheme in Daily Mail Column

Johnson’s column described Bitcoin as a system that relies on new investors entering the market. He argued that the cryptocurrency lacks intrinsic value and clear accountability.

The former prime minister illustrated his argument with a personal anecdote from his village. He described a retired man who lost about £20,000 after trusting a stranger promising to double money.

According to the column, the retiree initially handed over £500 in a pub. Over several years he paid repeated fees while expecting a payout that never arrived.

Johnson used the story to argue that Bitcoin encourages speculation and deception. He also compared it with physical assets like gold and collectible items such as Pokémon cards.

The article circulated widely after publication and drew sharp reactions online. A post summarizing the argument attracted millions of views across social media platforms.

Bitcoin Advocates Reject Ponzi Claim as Crypto Debate Intensifies

Several prominent crypto figures rejected Johnson’s characterization of Bitcoin. MicroStrategy founder Michael Saylor addressed the claim directly on the social platform X.

Saylor argued that a Ponzi scheme requires a central operator promising guaranteed returns. He said Bitcoin operates without an issuer, promoter, or promise of profits.

According to Saylor, Bitcoin functions as an open monetary network driven by code and market demand. He noted that anyone can inspect the public blockchain and verify transactions.

Crypto publication TFTC also disputed the argument in a widely shared thread. The post stated that a scammer stole the retiree’s money rather than the Bitcoin network.

The thread added that Bitcoin currently holds a market capitalization of about $1.42 trillion. It also reported roughly $62 billion in daily trading volume across global markets.

Former UK Chancellor Kwasi Kwarteng also weighed in on the debate online. He argued that many politicians misunderstand digital assets and their monetary design.

Kwarteng pointed to Bitcoin’s fixed supply model as a key difference from fiat currencies.
His comments referenced the long-term purchasing power decline of the British pound.

Meanwhile Bitcoin traded near $71,000 during the exchange of arguments. The discussion revived a long-running divide between crypto supporters and traditional finance critics.

The post Boris Johnson Calls Bitcoin a Ponzi Scheme, Sparks Crypto Backlash appeared first on Blockonomi.