Former British Prime Minister Boris Johnson has always worried that Bitcoin is a “giant Ponzi scheme” and said the latest story surrounding the cryptocurrency seems to prove him right.
Former Prime Minister Boris Johnson says Pokemon cards are a better option than BTC
In a column for the Daily Mail on March 13, former British Prime Minister Boris Johnson shared his thoughts on Bitcoin, the world’s largest cryptocurrency by market capitalization. Bitcoin and other crypto assets are Ponzi schemes because they lack intrinsic value and sufficient real-world use, according to a former political leader.
Johnson argued that Bitcoin relies on the “Great Fool” theory, supported by a collective belief that there will be an infinite number of new buyers. A former British leader has shared stories of local investors who have been victimized and warned that ordinary people are increasingly falling victim to crypto-related scams.
Johnson argued that Pokemon cards are a safer long-term bet than the world’s largest cryptocurrency, comparing the flagship cryptocurrency to traditional stores of value such as gold and fiat currencies. The former prime minister called Bitcoin a “string of numbers” with no central authority or accountability, citing the historical appeal of gold and the sentimental value of vintage Pikachu cards.
In fact, Johnson argued that cryptocurrencies’ unique selling point, decentralization, is their biggest weakness. The former London mayor predicted in a column for the Daily Mail that a decline in trust, especially among the general public, would be the cause of Bitcoin’s demise.
Interestingly, and contrary to his recent comments in a Daily Mail column, Johnson’s own government was very instrumental in opening the door to the UK’s digital assets industry. In April 2022, then Chancellor of the Exchequer Rishi Sunak announced significant initiatives to make the UK a “global hub for crypto technology and investment”.
Bitcoin is not a pyramid scheme: Michael Saylor
As expected, Johnson’s comments regarding the premier cryptocurrency sparked interesting reactions from various sectors of the crypto community. Michael Saylor, founder and chairman of Strategy, has been one of the most vocal opponents of the former prime minister’s claims.
Bitcoin is not a Ponzi scheme. In Ponzi, a central operator promises returns and requires early investors to pay out money from later investors. Bitcoin has no issuer or promoter and no guarantee of profit. It is nothing more than an open, decentralized monetary network driven by code and market demand.
— Michael Saylor (@saylor) March 13, 2026
In a reply to X (formerly Twitter), Saylor said that Bitcoin is not a pyramid scheme. Using the definition of a Ponzi scheme, the strategy chairman reiterated that the leading cryptocurrency does not have a “central operator who promises returns and pays early investors with funds from later investors” as is often required in Ponzi schemes.
Thaler writes:
Bitcoin has no issuer or promoter and no guarantee of profit. It is nothing more than an open, decentralized monetary network driven by code and market demand.
Saylor has been one of Bitcoin’s most vocal proponents, and his company’s steady acquisitions are evidence of his belief in Bitcoin’s long-term promise. As of this writing, the price of BTC is around $70,590, reflecting a 1.4% decline over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Reuters, chart from TradingView
editing process for is focused on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance, and value of your content to your readers.
