Boris Johnson calls Bitcoin a Ponzi scheme

Boris Johnson called Bitcoin a "giant Ponzi scheme," claiming it lacks real value and accountability. He cited personal loss stories and questioned the security and legitimacy of cryptocurrencies.

Boris Johnson has issued a strong critique of Bitcoin and the broader cryptocurrency industry in his Daily Mail column, describing Bitcoin as a "giant Ponzi scheme." He argues that digital assets lack intrinsic value and are driven by the "greater fool" theory, where value depends on finding someone willing to pay more. Johnson shared a personal anecdote about an acquaintance who lost £20,000 after being enticed into a Bitcoin investment. He used this example to question the legitimacy and structure of cryptocurrencies, contrasting them with traditional assets like gold and collectibles such as Pokémon cards, which he claims have tangible value. He further criticized the decentralized nature of cryptocurrencies, noting the absence of an identifiable authority or issuer. According to Johnson, this lack of accountability is a significant weakness, as there is no one to turn to if value is lost. His remarks represent a notable departure from his administration's earlier support for the crypto sector and may fuel further debate on regulation and public trust in digital assets.