A public debate has erupted after former UK Prime Minister Boris Johnson criticized Bitcoin, suggesting it could resemble a Ponzi scheme.
Johnson raises concerns
Johnson shared a story about a friend who lost money in a crypto-related scam. According to him, the man first invested £500 after someone promised to double the money through Bitcoin. Over time, he kept paying additional fees in hopes of recovering his funds, eventually losing about £20,000.
Johnson used the story to question the value behind cryptocurrencies. He said he understands the value of assets like gold or collectibles, but struggled to see the same with Bitcoin.
He argued that Bitcoin has no clear issuer or authority, describing it as “a string of numbers stored across computers.” Johnson also pointed to the mysterious identity of Satoshi Nakamoto, saying the system largely relies on collective belief among holders.
Johnson warned that growing fraud cases tied to crypto investments could damage trust in the sector, adding that he has long suspected cryptocurrencies function similarly to a Ponzi scheme, where new investors’ money keeps the system going.
Michael Saylor responds
The criticism quickly drew a response from Michael Saylor, one of Bitcoin’s most outspoken supporters.
Saylor pushed back strongly, saying Bitcoin cannot be a Ponzi scheme because such schemes require a central operator promising returns to investors.
“Bitcoin has no issuer, no promoter, and no guaranteed return,” Saylor said, describing it instead as an open, decentralized monetary network driven by code and market demand.
Saylor’s company, MicroStrategy, holds billions of dollars worth of Bitcoin on its balance sheet and has been a major corporate advocate for the asset.
A continuing debate
The exchange highlights a long-running debate about Bitcoin. Critics question its intrinsic value and reliance on market belief, while supporters argue that its decentralized design is exactly what protects it from government control and inflation.
As Bitcoin continues to grow in global finance, discussions like this show that the argument over what Bitcoin truly represents is far from settled.
