Former UK Prime Minister Calls Bitcoin ‘Giant Ponzi Scheme’, Saylor Yesu Answers
Former Prime Minister of the United Kingdom, Boris Johnson, has said that he has always feared that Bitcoin is a “big Ponzi scheme,” and the latest news surrounding the cryptocurrency seems to prove him right.
Former Prime Minister Johnson Calls Pokémon Cards A Better Bet Than BTC
In a March 13 Daily Mail column, former UK Prime Minister Boris Johnson shared his thoughts about Bitcoin, the largest cryptocurrency in the world by market capitalization. According to the former political leader, Bitcoin and other crypto assets are a Ponzi scheme because they have no intrinsic value and enough real-world applications.
Johnson argued that Bitcoin is based on the idea of a “big fool” and is supported by the collective belief that endless new buyers will emerge. Telling the story of a victimized local investor, the former UK leader warned that ordinary people are increasingly becoming victims of crypto-related fraud.
Johnson compared the leading cryptocurrency to traditional stores of value, such as gold and fiat currency, while saying that Pokémon cards are a safer long-term bet than the world’s largest cryptocurrency. While noting the historical allure of gold and the sentimental value of classic Pikachu cards, the former Prime Minister called Bitcoin a “string of numbers” with no central authority or accountability.
In fact, Johnson asserted that isolation, the unique selling point of cryptocurrencies, is their greatest weakness. In his Daily Mail column, the former Mayor of London predicted that eroding confidence – especially among ordinary people – will be the cause of the end of Bitcoin.
Interestingly, contrary to his recent comments in his Daily Mail column, Johnson’s administration was instrumental in opening the UK’s doors to the digital goods industry. In April 2022, then-Chancellor of the Exchequer, Rishi Sunak, launched an important initiative to make the United Kingdom “a global center for cryptoasset technology and investment.”
Bitcoin Is Not a Ponzi Scheme: Michael Saylor
As expected, Johnson’s comments about the first cryptocurrency caused interesting reactions from different corners of the crypto community. Strategy’s founder and chairman, Michael Saylor, raised one of the biggest objections to the former Prime Minister’s claims.
Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator who promises to repay and pay early investors with money from later ones. Bitcoin has no issuer, no advertiser, and no guaranteed return—an open, decentralized financial network driven by code and market demand.
– Michael Saylor (@saylor) March 13, 2026
Saylor, in response to X (formerly of Twitter), said that Bitcoin is not a Ponzi scheme. Using the definition of a Ponzi scheme, Wesu’s chairman reiterated that the flagship cryptocurrency does not have a “central user who promises returns and pays early investors with money from the latter,’ as is often required by Ponzi schemes.
Saylor wrote:
Bitcoin has no issuer, no advertiser, and no guaranteed return—an open, decentralized financial network driven by code and market demand.
Saylor has been one of Bitcoin’s most vocal supporters, with his company’s acquisitions consistently a testament to his belief in Bitcoin’s long-term promise. As of this writing, the price of BTC stands at around $70,590, which shows a decrease of 1.4% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Reuters, chart from TradingView
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