Boris Johnson Calls Bitcoin A 'Giant Ponzi Scheme' - Saylor, Ardoino And Back Hit Back

Former U.K. Prime Minister Boris Johnson called Bitcoin (BTC) a "giant Ponzi scheme" in a Daily Mail column published Friday, drawing swift pushback from Strategy chairman Michael Saylor, Tether (USDT) CEO Paolo Ardoino, and Blockstream CEO Adam Back.

The column arrived the same week the Bitcoin network mined its 20 millionth coin, a milestone that drew renewed attention to the asset's hard-coded 21 million supply cap.

Johnson, who led the U.K. from 2019 to 2022, argued that Bitcoin depends on a constant flow of new, often inexperienced buyers rather than any intrinsic value.

"Like all such schemes, they depend on a constant supply of new and credulous investors," he wrote.

What Happened

Johnson grounded his argument in a personal anecdote. He described an Oxfordshire villager who handed £500 (~$661) to a pub acquaintance promising to double the sum through Bitcoin.

The man spent three and a half years trying to recover his funds, ultimately losing roughly £20,000 (~$26,450) and left struggling to pay bills, according to Johnson.

"If people lose faith in Bitcoin, it collapses," Johnson wrote, adding that he feared more elderly investors would suffer similar losses as disillusion spread.