Crypto Leaders Push Back After Boris Johnson Calls Bitcoin a Ponzi
Several prominent voices in the crypto industry have pushed back against former UK Prime Minister Boris Johnson after he described Bitcoin as a “Ponzi scheme” in a recent newspaper column.
Johnson, who led the United Kingdom from 2019 to 2022, wrote in an article for the Daily Mail that he had “long suspected Bitcoin is a giant Ponzi scheme,” warning readers against investing in cryptocurrencies.
His remarks quickly sparked criticism from several well-known figures in the crypto space, including Michael Saylor, Paolo Ardoino, and Adam Back.
Key Takeaways
Boris Johnson labeled Bitcoin a “Ponzi scheme” and warned readers about investing in crypto.
Crypto leaders including Michael Saylor, Paolo Ardoino, and Adam Back quickly rejected the claim.
Critics of Johnson’s statement argue that Bitcoin lacks the central operator required for a Ponzi scheme.
Saylor Rejects the “Ponzi” Label
Michael Saylor, co-founder of Strategy (MicroStrategy), responded on X, arguing that Bitcoin simply doesn’t meet the definition of a Ponzi scheme.
“A Ponzi requires a central operator promising returns and paying early investors with money from later investors,” Saylor wrote. “Bitcoin is not a Ponzi scheme.”
Johnson’s comments were partly based on a personal story he shared in his column. He described meeting an elderly churchgoer who had fallen into financial trouble after buying Bitcoin and later asked for help covering his losses.
While Johnson acknowledged that Bitcoin operates without a central authority, he argued that the cryptocurrency still relies heavily on public belief in its value.
“If people lose faith in Bitcoin, it collapses,” he wrote, adding that he worries more people—particularly older investors—could lose money investing in digital assets.
Crypto Community Responds
The comments triggered a wave of responses from the crypto community.
Investor and fund manager Fred Krueger pushed back on X, pointing out the difference between Bitcoin’s decentralized structure and traditional financial fraud schemes.
“A Ponzi usually needs a central operator, Boris,” Krueger wrote. “Bitcoin just has math.”
Paolo Ardoino, CEO of Tether, also responded by highlighting community notes that explained why Bitcoin doesn’t match the characteristics of a Ponzi scheme.
Meanwhile, Adam Back, CEO of Blockstream and an early Bitcoin developer, joined the conversation with a short reply addressing the former prime minister by his nickname “Bozza.”
Bitcoin Ponzi Debate Resurfaces
Accusations that Bitcoin resembles a Ponzi scheme are not new.
Economist Nouriel Roubini has previously described cryptocurrencies as a “real-bubble Ponzi scheme,” while Fabio Panetta of the European Central Bank once compared the digital asset market to a “house of cards.”
Supporters of Bitcoin, however, argue that these comparisons misunderstand how the network works.
Unlike traditional Ponzi schemes, which depend on a central operator promising guaranteed returns, Bitcoin operates as a decentralized monetary network governed by code, cryptography, and market demand.
For its advocates, that difference is exactly what sets Bitcoin apart.
