Boris Johnson Calls Bitcoin a Ponzi Scheme in Column

Former British Prime Minister Boris Johnson described Bitcoin as a giant Ponzi scheme in an opinion column published on March 13, drawing sharp rebuttals from cryptocurrency advocates and reigniting debates over the asset's legitimacy and risks.

In the piece, Johnson argued that cryptocurrencies, particularly Bitcoin, lack intrinsic value and depend on a continuous influx of new investors to sustain their worth, much like a fraudulent scheme. He illustrated his point with a personal anecdote about an acquaintance from his village who invested 500 pounds after a conversation in a pub, where someone promised the money would double through Bitcoin. Over three and a half years, the man paid repeated fees in attempts to recover his funds and ultimately lost nearly 20,000 pounds. "The more elderly people get ripped off in the name of Bitcoin the faster that disillusion will set in," Johnson wrote. He contrasted Bitcoin with assets like gold or collectible Pokemon cards, which he said have recognizable appeal, calling the cryptocurrency "just a string of numbers stored in a series of computers."

Johnson acknowledged some appeal in Bitcoin's decentralization, which he said shields it...