Former British Prime Minister Boris Johnson has expressed his long-standing skepticism towards Bitcoin, labeling it a “giant Ponzi scheme.” Recent developments in the crypto space seem to support his viewpoint.
Boris Johnson Prefers Pokémon Cards Over Bitcoin
In a column for the Daily Mail on March 13, Boris Johnson voiced his concerns about Bitcoin, the leading cryptocurrency globally. According to Johnson, cryptocurrencies, including Bitcoin, lack intrinsic value and practical utility, making them akin to Ponzi schemes.
Johnson argued that Bitcoin’s value is driven by the belief that there will always be new buyers entering the market, a concept known as the “greater fool” theory. He cautioned that ordinary individuals are increasingly falling prey to crypto-related scams.
Comparing Bitcoin to traditional assets like gold and fiat currency, Johnson controversially suggested that investing in Pokémon cards may be a safer long-term option. He criticized Bitcoin as merely “strings of numbers” without any central authority or accountability.
Furthermore, Johnson highlighted decentralization, a core feature of cryptocurrencies, as their Achilles’ heel. He predicted in his column that waning confidence, particularly among the general public, would ultimately lead to the downfall of Bitcoin.
Ironically, despite his recent comments, Johnson’s administration played a significant role in positioning the UK as a hub for the crypto industry. In April 2022, then-Chancellor Rishi Sunak unveiled plans to establish the UK as a global center for crypto technology and investment.
Michael Saylor Counters Johnson’s Claims
Unsurprisingly, Johnson’s remarks on Bitcoin sparked varied reactions within the crypto community. Michael Saylor, the founder and chairman of Strategy, issued a strong rebuttal to the former Prime Minister’s assertions.
Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.
— Michael Saylor (@saylor) March 13, 2026
Saylor refuted Johnson’s claims on X (formerly Twitter), emphasizing that Bitcoin does not fit the definition of a Ponzi scheme. He reiterated that Bitcoin operates on a decentralized network without a central entity promising returns to investors.
Saylor stressed:
Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.
Saylor, a vocal Bitcoin advocate, has consistently demonstrated his faith in the cryptocurrency through his company’s strategic acquisitions. At present, Bitcoin is trading at approximately $70,590, reflecting a 1.4% decline over the past 24 hours.
The daily BTC price chart | Source: BTCUSDT chart on TradingView
Featured image courtesy of Reuters, chart from TradingView
Editorial Process for bitcoinist focuses on delivering thoroughly researched, accurate, and impartial content. We adhere to stringent sourcing standards, with every page undergoing meticulous review by our team of leading tech experts and experienced editors. This rigorous process ensures the integrity, relevance, and value of our content for our audience.
Be the first to comment