Summary
- Former UK Prime Minister Boris Johnson criticized Bitcoin as a “Ponzi scheme,” saying it lacks intrinsic value and relies on a supply of investors.
- Michael Saylor said a Ponzi scheme presupposes a central operator and a guaranteed return structure, but Bitcoin has no issuer, promoter, or guaranteed returns.
- Saylor stressed that Bitcoin is an open, decentralized monetary network driven by code and market demand, and Eric Trump also said he does not agree with Johnson’s remarks.
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After former UK Prime Minister Boris Johnson criticized Bitcoin (BTC) as a “Ponzi scheme,” figures in the crypto industry moved to rebut the claim.
According to CoinDesk on the 14th (local time), Johnson said in a recent column for the UK’s Daily Mail, “I have long suspected that bitcoin might be a gigantic Ponzi scheme,” adding that he is now hearing “unfortunate stories” that make him fear he may be right.
Johnson pointed out that “bitcoin is merely a sequence of numbers stored on multiple computers.” He also argued that “cryptocurrencies rely on a supply of new and naive investors rather than intrinsic value,” asking, “Why should we trust a system created without institutional backing by someone using the pseudonym Satoshi Nakamoto?”
In response, crypto industry figures issued a unified rebuttal. Michael Saylor, chairman of Strategy, wrote on X that “a Ponzi scheme is a structure in which a central operator promises returns and pays early investors with funds from later investors,” adding that “bitcoin has no issuer, no promoter, and no guaranteed returns.” He continued that “bitcoin is simply an open, decentralized monetary network driven by code and market demand.”
Eric Trump, the second son of US President Donald Trump, also pushed back. According to O'Daily and other outlets, Eric Trump said he does not agree with Johnson’s remarks about bitcoin.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
