Boris Johnson, the former Prime Minister of the UK, recently referred to Bitcoin (BTC) as a “Ponzi Scheme,” implying it holds lesser value than Pokémon cards, which possess universal allure and a long-standing history.

In an opinion piece published in the Daily Mail, he recounted an experience involving a friend who, after funding £500 (around $661), was tricked by a scheme promising to double his investment in BTC. Despite contributing an additional £20,000 (approximately $26,474) over 3.5 years with the expectation of recovery, this individual faced financial difficulties as he was unable to reclaim his investments.

“He was struggling to pay his bills. He wasn’t the only one, said my friend. Other people in the neighborhood were going through the same nightmare.” - Boris Johnson

Johnson argued that collectible Pokémon cards serve as a more viable trading asset compared to Bitcoin:

“These curious little Japanese cartoon beasties seem to exercise the same fascination over the five-year-old mind as they did 30 years ago. The kids drool over them. They boast and squabble about them. Even if you remain pretty impervious to the charm of Pikachu, you can just about see why a decades-old Pikachu card is still a tradeable asset.”

This opinion drew backlash from the Bitcoin community and crypto executives who highlighted Bitcoin’s inherent properties, asserting that debt-funded fiat currencies themselves resemble Ponzi schemes.

Bitcoin Advocates Respond to Johnson

Michael Saylor, co-founder of Strategy, responded by clarifying:

“Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return, just an open, decentralized monetary network driven by code and market demand.”

Additionally, Pierre Rochard, CEO of The Bitcoin Bond Company, labeled the UK as a “giant Ponzi scheme” funded by debt.

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