TLDR
- Former UK Prime Minister Boris Johnson called Bitcoin “a giant Ponzi scheme” in his Daily Mail editorial.
- Johnson told of a local resident who lost nearly £20,000 (~$26,450) in what he described as a Bitcoin-related scam.
- He raised doubts about the credibility of the monetary system developed by the anonymous Satoshi Nakamoto.
- Michael Saylor, Head of Strategy, emphasized that Bitcoin is not an issuer, promoter or guarantee of return.
- Social media users have pointed to Bitcoin’s limited supply and transparent code, which does not match the characteristics of a Ponzi scheme.
The cryptocurrency community has been embroiled in a heated debate this week after former British Prime Minister Boris Johnson described Bitcoin as a “massive Ponzi scheme” in his newspaper commentary. Proponents of digital assets wasted no time in mounting their defense.
Johnson’s controversial opinion was published in the Daily Mail on Friday, March 14, 2026. The article began by recounting an anecdote involving an Oxfordshire villager who gave a pub acquaintance £500 (~$661) promising to double his investment via Bitcoin.
According to Johnson, the individual spent three and a half years trying to recover his money by paying various fees. The effort was in vain. In the end, the man lost nearly £20,000 (~$26,450), leaving him “struggling to pay his bills,” Johnson said.
The former prime minister used this narrative to claim that Bitcoin has no intrinsic value. He has drawn unpopular distinctions with gold trading cards and even Pokémon, asserting that they have material or cultural value.
“These curious Japanese cartoon animals seem to have the same fascination in the minds of five-year-olds as they did 30 years ago,” wrote Johnson, who trades more Pokemon cards than Bitcoin.
Johnson further questioned the credibility of the currency framework created by Satoshi Nakamoto, whose true identity remains one of cryptocurrency’s biggest mysteries.
“If they decrypt crypto, who are we talking to?” former prime minister in his comments.
Michael Saylor answers
The digital currency sector has made an immediate onslaught. Michael Saylor, chief executive of Strategy, which holds the largest corporate holdings of bitcoin, directly challenged Johnson’s statement.
Saylor explained that the original Ponzi schemes required “a central operator who promises returns and pays early investors with funds later.” He emphasized that Bitcoin cannot meet these criteria.
“Bitcoin has no issuer, no promoter, and no guaranteed returns — just an open, decentralized money network driven by code and market demand,” Saylor said at X.
Pierre Rochard, CEO of The Bitcoin Bond Company, joined the conversation, provocatively suggesting that the UK government itself is operating as a “massive Ponzi scheme” sustained by debt financing.
Community Notes and Social Media Pushback
On X, a community note appeared under Johnson’s post explaining that Ponzi schemes typically promise artificially inflated profits with minimal risk. The explanation reads: “Bitcoin has no issuer and its value is determined solely by the free market. The code is completely public and subscription-based.”
Numerous commentators have highlighted Bitcoin’s finite supply cap and its transparent, open-source architecture as key differences from traditional Ponzi schemes.
BitMEX Research responded to Johnson’s question about Bitcoin’s leadership with a direct response: “No one is in charge.”
Several users posted memes criticizing traditional central banks for the expansionary monetary policy implemented during the pandemic.
Johnson’s editorial and subsequent responses coincided with the Bitcoin network’s success in mining its 20 millionth coin, a milestone that highlighted Bitcoin’s maximum supply of 21 million immutable coins.
The post Michael Saylor Applauds After Boris Johnson Brands Bitcoin A ‘Ponzi Scheme’ appeared first on Blockonomi.
Source: https://blockonomi.com/michael-saylor-claps-back-after-boris-johnson-brands-bitcoin-a-ponzi-scheme/
