Boris Johnson described Bitcoin as a “giant Ponzi” in a Daily Mail column. The crypto community was quick to bite back. Crypto critics have long compared digital assets to a Ponzi scheme.
I’ve long suspected Bitcoin is a giant Ponzi scheme and now I’m hearing tales of woe that make me fear I’m right. 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.
The responses came after Johnson posted his Daily Mail column on X where he warned would-be investors about putting their money in crypto. Johnson went on to write that while Bitcoin is decentralised, if people lose faith in the cryptocurrency, it could lose value — and burn investors as a result. The crypto community bit back at Boris Johnson after the ex-British Prime Minister wrote a column calling Bitcoin a Ponzi scheme.
Saylor added that the biggest cryptocurrency had “no guaranteed return — just an open, decentralized monetary network driven by code and market demand.” A Ponzi usually needs a central operator, Boris. Bitcoin just has math. Your system has the Bank of England.
Tether CEO Paolo Ardoino simply highlighted X’s community notes, which gave detailed explanations on why Bitcoin is not a Ponzi. Blockstream CEO and early Bitcoin developer Adam Back responded to Johnson’s post by using his nickname, “Bozza.” The politician isn’t the first high-ranking official to have referred to cryptocurrencies as a Ponzi. I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme, with very few good-use cases. The more elderly people get ripped off — in the name of Bitcoin — the faster that disillusion will set in.
The crypto community quickly pushed back, noting that Ponzi schemes require a central operator and promised returns, whereas Bitcoin has no issuer or promoter and operates as an open, decentralized monetary network driven by code and market demand. Johnson posted the column on X, warning that while Bitcoin is decentralized, loss of faith could erode its value and harm investors. In response, figures such as Michael Saylor, Paolo Ardoino, and Bitcoin developers emphasized that Bitcoin’s lack of a guaranteed return and its distributed math distinguish it from a Ponzi. The exchange reflects a broader pattern of officials labeling cryptocurrencies as Ponzi schemes.
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