Former UK Prime Minister Boris Johnson has called Bitcoin (BTC) a “Ponzi scheme” that costs less than Pokemon cards, collectibles he says have broad appeal and a decade-long history.
Johnson wrote an opinion piece published in the Daily Mail on Friday that began with a story about a friend who gave 500 British pounds, or about $661, to a man who promised to “double his money” by investing in BTC.
Johnson said his friend made additional “payments” to the scheme’s promoter over the next three-and-a-half years, but was never able to get the money despite sinking 20,000 British pounds, or about $26,474, into financial trouble.
“He was struggling to pay his bills. He’s not the only one, my friend said. Other people in the neighborhood were going through the same nightmare,” Johnson added. Johnson then stated that Pokémon trading cards are more valuable than BTC:
“These curious Japanese cartoon animals seem to have the same fascination in five-year-old minds as they did 30 years ago. Children drool over them. They brag and argue about them.
Even if you’re not too into Pikachu’s charm, you can understand why the decades-old Pikachu card is still a commercial asset,” he said.
The opinion piece sparked a wave of online criticism from the Bitcoin community and crypto industry leaders, who dismissed it by explaining Bitcoin’s fundamental properties and arguing that debt-based currency systems are Ponzi schemes.
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Bitcoiners are teasing and ridiculing Johnson for his acceptance
“Bitcoin is not a ponzi scheme. A ponzi requires a central operator to promise returns and pay early investors with funds later,” Strategy co-founder Michael Saylor responded.
“Bitcoin has no issuer, no promoter, and no guaranteed return, just an open, decentralized money network driven by code and market demand,” Sailor continued.
Pierre Rochard, CEO of The Bitcoin Bond Company, a BTC-backed bond issuer, said Britain was a “massive Ponzi scheme” financed by debt.
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