Boris Johnson called Bitcoin a Ponzi scheme in a Daily Mail op-ed. Saylor and the crypto community fired back fast.
Former UK Prime Minister Boris Johnson sparked a heated debate online. He called Bitcoin a “giant Ponzi scheme” in a Daily Mail op-ed published March 13, 2026.
Johnson leaned on a story about a village retiree who lost £20,000 chasing a crypto promise. He argued Bitcoin lacks intrinsic value and compared it unfavorably to gold and even Pokémon cards.
The crypto community did not stay quiet for long.
Boris Johnson’s Bitcoin Ponzi Claim Stirs Global Crypto Debate
Johnson’s column centered on a troubling anecdote.
An elderly man from his village reportedly gave £500 to a stranger in a pub who promised to double it. Over three and a half years, the man paid £20,000 in fees. He got nothing back.
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.https://t.co/rTny2NBaYB
— Boris Johnson (@BorisJohnson) March 13, 2026
Johnson used this story to paint Bitcoin as dangerous and untrustworthy. He even referenced a Bible parable to defend central banking. His argument rested on the idea that money must carry “Caesar’s image” to hold real value.
Crypto commentator TFTC pushed back hard on X.
The account pointed out a key flaw in Johnson’s logic. Bitcoin did not steal that man’s money. A con artist did. TFTC compared it to calling the dollar a scam because someone got robbed near an ATM.
TFTC also highlighted facts Johnson left out. Bitcoin holds a $1.42 trillion market cap. It processes around $62 billion in daily trading volume. Its blockchain is fully public and open to anyone willing to audit it.
Read also: Bitcoin Bulls Defend $72K as Spot Demand Surges
Michael Saylor and Crypto Leaders Defend Bitcoin’s Decentralized Model
Strategy founder Michael Saylor responded directly to Johnson on X.
He challenged the Ponzi label with a clear explanation. Saylor noted that a Ponzi scheme requires a central operator. It needs someone promising returns and paying early investors with money from new ones.
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.
— Michael Saylor (@saylor) March 13, 2026
Bitcoin has none of that. There is no issuer. There is no promoter. Besides, there is no guaranteed return. Saylor described it as an open, decentralized monetary network driven by code and market demand.
Market experts shared their thoughts on X in response to Johnson’s column. BitQuant tweeted,
“It’s scary that politicians with such analytical skills are making decisions for entire nations.”
Johnson’s post has since gathered over 3 million views, showing just how far the debate has traveled.
Former UK Chancellor Kwasi Kwarteng added a political edge to the conversation. He criticized politicians for misunderstanding digital assets.
Kwarteng pointed to Bitcoin’s fixed supply as a contrast to fiat currencies, which have steadily lost purchasing power over decades.
TFTC reinforced this point with a sharp observation. The British pound has lost over 99% of its purchasing power since the Bank of England’s founding.
Meanwhile, Bitcoin has outperformed every major fiat currency over any four-year window. Bitcoin prices remained relatively stable at around $70k throughout the debate
