Former UK Prime Minister Boris Johnson said he always feared that Bitcoin was a “massive Ponzi scheme” and the latest news surrounding the cryptocurrency proves him right.
Former Prime Minister Johnson called Pokemon cards better than BTC
In a Daily Mail column on March 13, former UK Prime Minister Boris Johnson shared his thoughts on Bitcoin, the world’s largest cryptocurrency 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 use in the world.
Johnson argued that Bitcoin relies on the “greater fool” theory and is sustained by the collective belief that there will be endless new buyers. The former British Prime Minister told the story of a victimized local investor and warned that ordinary people are becoming more and more victims of crypto-related scams.
Johnson compared the flagship cryptocurrency to traditional stores of value such as gold and fiat currency, while claiming that Pokemon cards are a safer long-term bet than the world’s largest cryptocurrency. The former prime minister referred to the historical allure of gold and the sentimental value of vintage Pikachu cards, calling Bitcoin “strings of numbers” with no central authority or accountability.
In fact, Johnson argued that decentralization, a unique selling point of cryptocurrencies, is their biggest weakness. In his Daily Mail column, the former mayor of London predicted that a decline in confidence – especially among ordinary people – will be the reason for the bottom of Bitcoin.
Interestingly, contrary to his recent comments in a Daily Mail column, Johnson’s own administration has been instrumental in opening the UK’s doors to the digital assets industry. In April 2022, then Chancellor of the Exchequer Rishi Sunak unveiled a major initiative to make the United Kingdom a “global hub for cryptocurrency technology and investment.”
Bitcoin is not a ponzi scheme: Michael Saylor
As expected, Johnson’s comments about the prime minister’s cryptocurrency have sparked interesting reactions from various corners of the crypto community. Strategy founder and chairman Michael Saylor offered one of the strongest rebuttals to the former prime minister’s claims.
Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator to promise returns and pay early investors with later funds. Bitcoin has no issuer, no promoter, and no guaranteed return – just an open, decentralized money network driven by code and market demand.
— Michael Saylor (@saylor) March 13, 2026
In response to X (formerly Twitter), Saylor said that Bitcoin is not a Ponzi scheme. Using the definition of a Ponzi scheme, the head of Strategy reiterated that the prominent cryptocurrency does not have “a central operator who promises income and pays early investors with later funds,” as Ponzi schemes often require.
Sailor wrote:
Bitcoin has no issuer, no promoter, and no guaranteed return – just an open, decentralized money network driven by code and market demand.
Saylor has been one of Bitcoin’s most prominent proponents, with his company’s steady acquisition proving his belief in Bitcoin’s long-term promise. As of this writing, the price of BTC is around $70,590, reflecting a 1.4% decline 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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