- Former UK Prime Minister Boris Johnson labeled Bitcoin a “Ponzi Scheme” in a Friday opinion piece, valuing it below Pokémon cards.
- The critique, published in the Daily Mail, cited a friend’s costly experience with a fraudulent crypto investment scheme.
- Bitcoin advocates and executives, including MicroStrategy‘s Michael Saylor, swiftly rebutted the claims, defending the asset’s decentralized nature.
Former UK Prime Minister Boris Johnson called Bitcoin (BTC) a “Ponzi Scheme” in an opinion article published on Friday. He provocatively claimed the cryptocurrency has less value than collectible Pokémon cards.
Johnson’s argument stemmed from a friend’s story about losing over $26,000 to a fraudulent investment promoter. Consequently, he argued that Pokémon cards have more enduring, tangible appeal as tradeable assets.
The article drew immediate criticism from the Bitcoin community and industry leaders online. MicroStrategy co-founder Michael Saylor refuted the claim, stating, “Bitcoin is not a Ponzi scheme” in a detailed post.
Saylor clarified that Bitcoin has no central operator and is driven by market demand. Meanwhile, others, like The Bitcoin Bond Company CEO Pierre Rochard, retorted that the UK’s debt-based system is the real Ponzi.
The debate highlights the ongoing political and perceptual divide surrounding cryptocurrency. Johnson’s comments have reignited discussions about Bitcoin’s fundamental properties versus traditional assets.
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