Boris Johnson calls Bitcoin a Ponzi scheme, but Michael Saylor and crypto leaders respond, defending BTC’s value, decentralization, and $1.4T market strength.
Bitcoin faced fresh criticism after former UK Prime Minister Boris Johnson called it a Ponzi scheme. His comments began a good debate in the crypto market. However, a lot of industry leaders were quick to defend Bitcoin. They said the digital currency is unlike fraud schemes and operates without central control.
Boris Johnson compares Bitcoin to Ponzi scheme and collectibles
Boris Johnson aired his opinion in an article published in the Daily Mail newspaper on March 13, 2026. He wrote that Bitcoin has no real value and relies on the new buyers. According to him, the system is only working due to the belief of people that it will go up in price.
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
He likened Bitcoin to collectibles such as Pokemon cards. Such things have history and broad public interest, he said. In his view, Bitcoin is nothing more than a string of numbers that has no physical value. Therefore, he argued that this looks similar to Ponzi Scheme.
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Johnson also told a personal story for the reason of his concern. He wrote about a man from his village who put his faith in money. The man invested approximately 20,000 pounds when he heard they would get lots of money back. However, the investment was a failure, which led to Johnson’s increased doubts.
He said such stories demonstrate why people need to be careful with their digital assets. According to him, many investors come in just because of their expectation of profit. Therefore, he believes that the system has the requirement of constant new buyers to survive. His remarks soon began to be shared on social media.
The criticism came as a surprise to some people as the UK at one point in time supported the growth of crypto. In 2022 the British government spoke about making the country a global crypto hub. Because of this support of the past, many traders did not expect such strong words.
Michael Saylor and crypto leaders reject Ponzi claim
Michael Saylor, executive chairman of Strategy, quickly responded to Johnson’s statement. He said Bitcoin cannot be a Ponzi scheme as it has no central operator. According to him, it is always a Ponzi as there is always a person promising returns. Bitcoin, however, is based on open code and market demand.
Saylor explained that anyone does not control Bitcoin. There is no company paying profits to the early investors. Instead, the network operates via computers throughout the world. Because of this design, he said the system is transparent and fair.
There were other crypto supporters who defended Bitcoin online. Some said that to run a Ponzi, there must be hidden control and fake promises. They contended that Bitcoin does not have either of these features. Therefore, they think that the comparison is wrong.
Eric Trump too did not agree with Johnson’s opinion. He said digital assets are gaining importance in today’s finance. According to him, new technology is usually criticized before people understand it. Due to this, there is a lot of debates about Bitcoin.
There were many users on social platforms who participated in the conversation. Some wondered what the value of Bitcoin was, while others defended Bitcoin strongly. Supporters cited the fact that there will only be 21 million coins. They said this limit makes bitcoin different from traditional money.
Bitcoin price stays strong despite criticism from public figures
Despite the debate, the price of Bitcoin remained intact following the comments. The market continued trading around $70k to $71k. This indicated that traders did not panic after the news. Instead, many investors paid no attention to the criticism.
Supporters also cited the massive value of Bitcoin in the market. The total market capitalization is still above $1.4 trillion. Because of this size, they said that the network cannot be compared to small fraud schemes. Large companies and funds are also holding Bitcoin today.
Some users argued that the traditional money systems have a higher risk. They said that unlimited currency can be printed by governments. In contrast, the supply of Bitcoins cannot change. Therefore, they think it is safer in the long term.
Experts say public criticism often comes out in times of uncertain markets. When prices are high, debates become more vociferous. However, the technology is ever expanding. New companies, banks and payment companies are still working with blockchain systems.
For now, the argument between the critics and the supporters rages on. A cascade of Johnson’s comments made headlines, but did not halt trading activity. The crypto market is active and Bitcoin’s demand is still good throughout the world.