Former U.K. Prime Minister Boris Johnson has labeled Bitcoin a “giant Ponzi scheme,” sparking a strong response from Michael Saylor and the broader cryptocurrency community. Johnson expressed skepticism about cryptocurrencies in a column published in the Daily Mail, suggesting they rely on a constant influx of new investors rather than intrinsic value.
Johnson recounted an anecdote about a retired man who reportedly lost £20,000 ($26,450) after investing £500 ($661) in Bitcoin, citing the experience as evidence of a scam. He contrasted Bitcoin with assets like gold or collectibles, arguing that Bitcoin is merely “a string of numbers stored in a series of computers” and lacks the tangible or cultural appeal of other assets. He also questioned the trust placed in a system created by a pseudonymous figure, Satoshi Nakamoto, without institutional backing.
Community Pushback Against Ponzi Claims
The cryptocurrency community swiftly rejected Johnson’s assertions. Michael Saylor, Executive Chairman of MicroStrategy, a major corporate holder of Bitcoin, argued that a Ponzi scheme requires a central operator who promises returns and pays early investors with funds from later ones. Saylor stated that Bitcoin, however, has “no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.”
Community notes on social media platform X also addressed Johnson’s claims, highlighting that Ponzi schemes typically promise artificially high returns with minimal risk. These notes emphasized that Bitcoin has no issuer, its value is determined by the free market, and its code is public and opt-in, meaning no one can be forced to adopt any specific version.
Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.— Michael Saylor (@saylor)March 13, 2026
Other responses included technical explanations of Bitcoin’s design, criticisms of central bank monetary policies, and the use of memes. Some users pointed to Bitcoin’s fixed supply and decentralized nature as key differentiators from traditional Ponzi structures. BitMEX Research commented on X that “nobody is in charge” of Bitcoin, further underscoring its decentralized governance.
The debate highlights ongoing discussions about Bitcoin’s fundamental nature and its classification within financial systems. While critics like Johnson focus on perceived lack of underlying value and reliance on new adopters, proponents emphasize its decentralized architecture, fixed supply, and market-driven valuation.
Fonte: CoinDesk
