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On Friday, Michael Saylor defended Bitcoin after former UK Prime Minister Boris Johnson described cryptocurrencies as a "giant Ponzi scheme" in a column.
In a Daily Mail column, Johnson argued that Bitcoin and other digital assets rely largely on belief rather than inherent value.
He said cryptocurrencies function similarly to a Ponzi scheme because their value depends on a steady flow of new investors willing to buy in.
“I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme,” Johnson wrote, adding that such systems depend on “a constant supply of new and credulous investors.”
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To illustrate his concerns, Johnson shared an anecdote about a man from his village who invested roughly £500 (about $660) in Bitcoin after meeting someone in a pub who promised the money would double.
According to Johnson, the investor later lost nearly £20,000 (around $26,000) after paying various fees while trying to recover the funds.
Johnson argued that stories like this highlight the risks for people who may not fully understand how crypto markets work, particularly older investors.
He also questioned whether Bitcoin has any underlying value, noting that, unlike assets such as gold or collectible items, the cryptocurrency exists only as digital code stored on computers.
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The former prime minister said traditional currencies historically derive credibility from governments and institutions that back them.
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
Saylor, chairman of MicroStrategy — now operating as Strategy Inc. and widely known for holding large Bitcoin reserves — pushed back against Johnson's characterization.
"Bitcoin is not a Ponzi scheme," Saylor wrote on X. "A Ponzi requires a central operator promising returns and paying early investors with funds from later ones."
