Boris Johnson, the former leader of the United Kingdom, has described Bitcoin as a “Ponzi scheme” and claimed the cryptocurrency has less value than collectible Pokémon cards.
In an opinion article published Friday in the Daily Mail, Johnson shared a story about a friend who lost money in a scheme that promised to double his investment in Bitcoin.
According to Johnson, the friend initially invested 500 British pounds and later paid additional fees to the promoter over several years. Despite spending a total of about 20,000 pounds, he was unable to recover the funds.
Johnson compares Bitcoin to collectibles
Johnson argued that collectibles such as Pokémon cards have clearer value because they have been widely traded for decades.
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He said the popularity of characters like Pikachu has remained strong over time and that certain Pokémon cards continue to attract collectors and traders.
By contrast, Johnson suggested Bitcoin’s value is less clear and compared it unfavorably to long-established collectible markets.
Crypto community pushes back
Johnson’s comments triggered criticism from members of the cryptocurrency community.
Michael Saylor, co-founder of Strategy, responded by saying Bitcoin does not meet the definition of a Ponzi scheme because it has no central operator promising guaranteed returns.
Saylor said Bitcoin functions as an open, decentralized monetary network driven by market demand and code rather than a centralized entity.
