Former UK Prime Minister Boris Johnson delivered his warning about Bitcoin in a Daily Mail column on March 13, 2026. He described Bitcoin as a “giant Ponzi scheme” and recounted the story of a church acquaintance who lost £20,000 in crypto, saying the experience left the investor struggling financially and tempted to keep investing in hopes of recovering losses. He argued that such cases are becoming increasingly common, particularly among older investors unfamiliar with how crypto markets operate.
He contrasted Bitcoin with assets like gold or collectibles such as Pokémon cards, which he said at least have recognizable appeal, while Bitcoin exists only as “a string of numbers stored in a series of computers.” Johnson compared crypto with traditional currencies, noting that their value historically derives from the authority of governments that issue them. Using the example of Roman coins bearing the image of Caesar, he argued that trust in currency has always come from the power of institutions backing it.
Later Michael Saylor commented "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."
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