Former British Prime Minister Boris Johnson stated he had all the time feared that Bitcoin was a “large Ponzi scheme,” and the newest tales in regards to the cryptocurrency seem to show him proper.
Former PM Johnson calls Pokemon playing cards a greater wager than BTC
In a Day by day Mail column on March 13, former British Prime Minister Boris Johnson shared his ideas on Bitcoin, the world's largest cryptocurrency by market capitalization. In accordance with a former political chief, Bitcoin and different cryptocurrency property are Ponzi schemes as a result of they lack intrinsic worth and do not need sufficient real-world use.
Johnson argued that Bitcoin depends on the “larger idiot” concept and is sustained by the collective perception that limitless new consumers will emerge. A former British chief has warned that unusual individuals are more and more falling sufferer to cryptocurrency-related scams, as he shared the story of a disgruntled native investor.
Evaluating the flagship cryptocurrency to conventional shops of worth reminiscent of gold and fiat, Johnson argued that Pokémon playing cards are a safer wager in the long run than the world's largest cryptocurrency. Citing the historic attraction of gold and the sentimental worth of classic Pikachu playing cards, the previous prime minister known as Bitcoin a “string of numbers” with no central authority or accountability.
In truth, Johnson argued that the distinctive energy of cryptocurrency, decentralization, is its biggest weak point. The previous mayor of London predicted in a Day by day Mail column {that a} decline in belief, particularly amongst unusual folks, could be the reason for Bitcoin's demise.
Curiously, opposite to his latest feedback in his Day by day Mail column, the Johnson administration has performed a big position in opening up the UK to the digital asset {industry}. In April 2022, then-Chancellor of the Exchequer Rishi Sunak unveiled vital initiatives to make the UK a “world hub for crypto know-how and funding.”
Bitcoin isn’t a Ponzi scheme: Michael Seiler
As anticipated, Johnson's remarks about the most effective cryptocurrency sparked fascinating reactions from numerous quarters of the cryptocurrency group. Michael Saylor, Technique's founder and chairman, was essentially the most vocal in his rebuttal to the previous prime minister's claims.
Bitcoin isn’t a Ponzi scheme. Ponzi requires a central operator to vow a return and pay out funds from later traders to early traders. Bitcoin has no issuer, no promoters, and no assured return. It’s merely an open, decentralized forex community that operates based on code and market demand.
— Michael Saylor (@saylor) March 13, 2026
In a response to X (previously Twitter), Saylor stated Bitcoin isn’t a Ponzi scheme. Utilizing the definition of a Ponzi scheme, the technique chairman reiterated that the flagship cryptocurrency doesn’t have a “central operator who guarantees returns and pays early traders with later funds,” which is commonly required in Ponzi schemes.
Saylor wrote:
Bitcoin has no issuer, no promoters, and no assured return. It’s merely an open, decentralized forex community that operates based on code and market demand.
Saylor is certainly one of Bitcoin's strongest supporters, and his firm's regular acquisitions show his perception in Bitcoin's long-term promise. As of this writing, the BTC worth is round $70,590, down 1.4% within the final 24 hours.
The value of BTC on the day by day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from Reuters, chart from TradingView
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