Former UK Prime Minister Boris Johnson has called Bitcoin a Ponzi scheme, prompting widespread backlash from cryptocurrency industry leaders and commentators.
Johnson made the remarks in a column published by the Daily Mail and shared on X, where he described a story of a friend who allegedly lost £20,000 after falling victim to a crypto scam.
“I’ve long suspected that Bitcoin is a vast Ponzi scheme and now I hear tragic stories that make me fear I might be right,”
Johnson wrote.
The criticism drew immediate responses from industry figures including Michael Saylor, who argued that bitcoin does not meet the definition of a Ponzi scheme.
“Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with the funds of later ones,”
Saylor said.
Johnson’s comments came despite his government laying much of the groundwork for the United Kingdom’s cryptocurrency regulatory framework between 2019 and 2022, including steps by the Financial Conduct Authority to formalise oversight of digital assets.
During that period, Johnson’s administration also supported initiatives led by then-Chancellor Rishi Sunak to position London as a global crypto hub, including recognising stablecoins as potential payment instruments and advancing broader digital asset regulation.
At the time of reporting, Bitcoin price was $73,635.74.