Former UK Prime Minister Boris Johnson Calls Bitcoin a Ponzi Scheme, Drawing Rebuttals From Michael Saylor and Crypto Industry

Bitcoin launched in 2009 with a fixed supply cap of 21 million coins, open-source code and decentralized validation at its core. Its price is determined primarily by market supply and demand, but its lack of cash flow and extreme volatility have long raised questions about whether it has intrinsic value. Ponzi schemes typically involve a central operator who promises returns and uses money from new investors to pay earlier ones, making Johnson’s characterization relevant to debates over regulation and investment risk.

On March 13, 2026, Boris Johnson called Bitcoin a “huge Ponzi scheme” in a Daily Mail column, citing a friend who initially paid £500 and had paid £20,000 over three and a half years but was still unable to recover the money. Strategy Executive Chairman Michael Saylor rejected the claim, arguing that Bitcoin has no issuer, promoter or guaranteed returns and is instead driven by code and market demand.