Boris Johnson Calls Bitcoin a Ponzi Scheme, Sparks Crypto Backlash

TLDR: Boris Johnson labeled Bitcoin a Ponzi scheme in a March 13 Daily Mail opinion column. Michael Saylor argued Bitcoin lacks a central operator, a key requirement of Ponzi schemes. Social posts cited Bitcoin’s $1.42 trillion market cap and roughly $62 billion daily volume. Former Chancellor Kwasi Kwarteng said politicians often misunderstand Bitcoin’s fixed supply design. Bitcoin faced renewed political criticism after former UK Prime Minister Boris Johnson labeled it a Ponzi scheme. Johnson shared the view in a March 13 Daily Mail opinion piece discussing digital assets and financial scams. His remarks compared Bitcoin unfavorably to assets such as gold and even collectible Pokémon cards. The column quickly circulated across social platforms and triggered a wave of responses from crypto leaders. Boris Johnson Calls Bitcoin a Ponzi Scheme in Daily Mail Column Johnson’s column described Bitcoin as a system that relies on new investors entering the market. He argued that the cryptocurrency lacks intrinsic value and clear accountability. I've long suspected Bitcoin is a giant Ponzi scheme and now I'm hearing tales of woe that make me fear I'm right.https://t.co/rTny2NBaYB — Boris Johnson (@BorisJohnson) March 13, 2026 The former prime minister illustrated his argument with a personal anecdote from his village. He described a retired man who lost about £20,000 after trusting a stranger promising to double money. According to the column, the retiree initially handed over £500 in a pub. Over several years he paid repeated fees while expecting a payout that never arrived. Johnson used the story to argue that Bitcoin encourages speculation and deception. He also compared it with physical assets like gold and collectible items such as Pokémon cards. The article circulated widely after publication and drew sharp reactions online. A post summarizing the argument attracted millions of views across social media platforms. Bitcoin Advocates Reject Ponzi Claim as Crypto Deba...