Boris Johnson Criticizes Bitcoin

Former UK Prime Minister Boris Johnson has once again sparked debate about cryptocurrencies. He argued that Bitcoin resembles a Ponzi scheme and, in his view, has less value than collectible Pokémon trading cards.

Johnson began his commentary by sharing the story of a friend who was allegedly scammed while investing in Bitcoin. The man initially sent £500 to someone who promised to double his money through cryptocurrency investments. Over time, he was encouraged to pay additional “fees” that were supposed to allow him to withdraw his funds.

Over the course of three and a half years, he reportedly transferred a total of £20,000 but never recovered any of the money. According to Johnson, the situation led to serious financial difficulties for the man, leaving him struggling to pay his bills. The former prime minister claimed that similar stories had affected other people in the same community.

Johnson also argued that the value of collectibles, such as Pokémon cards, is easier to understand than that of cryptocurrencies. He pointed out that these cards have remained popular for decades and continue to attract strong interest from children and collectors. In his view, this lasting popularity explains why older cards — such as those featuring Pikachu — can still be traded today.

However, Johnson’s remarks were met with sharp criticism from the cryptocurrency community. Industry representatives and Bitcoin supporters accused him of misunderstanding how the technology works. Among the critics was Michael Saylor, who argued that a Ponzi scheme requires a central organizer who promises profits and pays them using funds from new participants.

According to Saylor, Bitcoin does not meet these conditions because it has no issuer, promoter, or guaranteed returns. Instead, he described it as an open and decentralized network that operates through code and market demand.

The debate highlights how deeply divided opinions remain about cryptocurrencies. For some, Bitcoin represents a revolutionary financial system. For others, it remains a highly speculative and risky investment.