Former British Prime Minister Boris Johnson said he had always feared that Bitcoin was a “giant Ponzi scheme,” and the latest stories about the cryptocurrency appear to prove him right.
Former PM Johnson calls Pokemon cards a better bet than BTC
In a Daily Mail column on March 13, former British Prime Minister Boris Johnson shared his thoughts on Bitcoin, the world’s largest cryptocurrency by market capitalization. According to a former political leader, Bitcoin and other cryptocurrency assets are Ponzi schemes because they lack intrinsic value and do not have enough real-world use.
Johnson argued that Bitcoin relies on the “bigger fool” theory and is sustained by the collective belief that endless new buyers will emerge. A former British leader has warned that ordinary people are increasingly falling victim to cryptocurrency-related scams, as he shared the story of a disgruntled local investor.
Comparing the flagship cryptocurrency to traditional stores of value such as gold and fiat, Johnson argued that Pokémon cards are a safer bet in the long term than the world’s largest cryptocurrency. Citing the historical appeal of gold and the sentimental value of vintage Pikachu cards, the former prime minister called Bitcoin a “string of numbers” with no central authority or accountability.
In fact, Johnson argued that the unique strength of cryptocurrency, decentralization, is its greatest weakness. The former mayor of London predicted in a Daily Mail column that a decline in trust, especially among ordinary people, would be the cause of Bitcoin’s demise.
Interestingly, contrary to his recent comments in his Daily Mail column, the Johnson administration has played a significant role in opening up the UK to the digital asset industry. In April 2022, then-Chancellor of the Exchequer Rishi Sunak unveiled significant initiatives to make the UK a “global hub for crypto technology and investment.”
Bitcoin is not a Ponzi scheme: Michael Seiler
As expected, Johnson’s remarks about the best cryptocurrency sparked interesting reactions from various quarters of the cryptocurrency community. Michael Saylor, Strategy’s founder and chairman, was the most vocal in his rebuttal to the former prime minister’s claims.
Bitcoin is not a Ponzi scheme. Ponzi requires a central operator to promise a return and pay out funds from later investors to early investors. Bitcoin has no issuer, no promoters, and no guaranteed return. It is simply an open, decentralized currency network that operates according to code and market demand.
— Michael Saylor (@saylor) March 13, 2026
In a response to X (formerly Twitter), Saylor said Bitcoin is not a Ponzi scheme. Using the definition of a Ponzi scheme, the strategy chairman reiterated that the flagship cryptocurrency does not have a “central operator who promises returns and pays early investors with later funds,” which is often required in Ponzi schemes.
Saylor wrote:
Bitcoin has no issuer, no promoters, and no guaranteed return. It is simply an open, decentralized currency network that operates according to code and market demand.
Saylor is one of Bitcoin’s strongest supporters, and his company’s steady acquisitions prove his belief in Bitcoin’s long-term promise. As of this writing, the BTC price is around $70,590, down 1.4% 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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