Crypto Journalist
Amin Ayan
Crypto Journalist
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Several prominent figures in the cryptocurrency industry have responded to former UK Prime Minister Boris Johnson after he described Bitcoin as a Ponzi scheme in a newspaper column.
Key takeaways:
- Boris Johnson called Bitcoin a “Ponzi scheme,” warning readers against investing in cryptocurrencies.
- Crypto leaders including Michael Saylor, Paolo Ardoino, and Adam Back quickly rejected the claim.
- Critics argue that Bitcoin lacks the central operator necessary for a Ponzi scheme.
Johnson, who led the UK from 2019 to 2022, wrote in a Daily Mail article that he has “long suspected Bitcoin is a giant Ponzi scheme,” warning readers not to invest money in digital assets.
The comments quickly drew responses from familiar voices across the crypto sector, including Strategy co-founder Michael Saylor, Tether CEO Paolo Ardoino, and early Bitcoin developer Adam Back.
Saylor rejects Boris Johnson’s Bitcoin ‘Ponzi’ claim
Saylor rejected Johnson’s characterization in a post on X, arguing that Bitcoin does not meet the definition of a Ponzi scheme.
“A Ponzi requires a central operator who promises profitability and pays early investors with funds from later investors,” Saylor wrote. “Bitcoin is not a Ponzi scheme.”
Johnson’s comments were prompted by a personal anecdote in his column. He described meeting an elderly parishioner who had fallen into financial difficulties after purchasing Bitcoin and then sought help to cover his losses.
While acknowledging that Bitcoin operates without a central authority, Johnson argued that the cryptocurrency ultimately depends on public belief in its value.
“If people lose faith in Bitcoin, it collapses,” he wrote, adding that he fears more people, especially older investors, could suffer losses linked to the asset.
The criticism was met with quick rebuttals from the crypto community. Investor and fund manager Fred Krueger responded to X by contrasting Bitcoin’s decentralized design with traditional financial institutions.
“A Ponzi usually needs a central operator, Boris,” Krueger wrote. “Bitcoin just has math.”
Tether boss Paolo Ardoino also responded, highlighting community notes in Johnson’s post explaining why Bitcoin does not fit the characteristics of a Ponzi scheme.
Meanwhile, Adam Back, CEO of blockchain technology company Blockstream, joined the discussion with a brief response directed at the former prime minister by his nickname “Bozza.”
Bitcoin Ponzi Claims Resurface as Critics Renew Attacks
Bitcoin has frequently faced accusations of resembling a Ponzi scheme from critics over the years.
Economist Nouriel Roubini previously described cryptocurrencies as a “real bubble Ponzi scheme,” while European Central Bank executive Fabio Panetta once compared the digital asset market to a “house of cards.”
Bitcoin supporters argue that the comparison is flawed because the network lacks a central operator, a defining characteristic of classic Ponzi schemes.
Instead, they say cryptocurrency operates as an open monetary system governed by codes and market activity rather than promises of guaranteed returns.
