Boris Johnson, the former prime minister of the United Kingdom, called Bitcoin (BTC<\/a>) a \u201cPonzi Scheme\u201d that has less value than Pok\u00e9mon cards, collectibles he said had a wide appeal and a multi-decade history.<\/p>\n Johnson wrote an opinion article<\/a> published in the Daily Mail on Friday that began with a story about a friend who had given 500 British pounds, or about $661, to a man who promised to \u201cdouble his money\u201d by investing it in BTC.<\/p>\n The friend continued to pay additional \u201cfees\u201d to the scheme\u2019s promoter over the next three and a half years, but was never able to retrieve his funds, despite sinking 20,000 British pounds, or about $26,474, which led to financial hardship, Johnson said.\u00a0<\/p>\n \u201cHe was struggling to pay his bills. He wasn\u2019t the only one, said my friend. Other people in the neighborhood were going through the same nightmare,\u201d Johnson added. Johnson then argued that collectible Pok\u00e9mon cards<\/a> are a more tradable asset than BTC:<\/p>\n \u201cThese curious little Japanese cartoon beasties seem to exercise the same fascination over the five-year-old mind as they did 30 years ago. The kids drool over them. They boast and squabble about them.<\/p><\/blockquote>\n Even if you remain pretty impervious to the charm of Pikachu, you can just about see why a decades-old Pikachu card is still a tradeable asset,\u201d he added.<\/p>\n <\/template><\/p>\n The opinion article drew a wave of online criticism from the Bitcoin community and crypto industry executives, who refuted it by explaining Bitcoin\u2019s fundamental properties<\/a> and arguing that debt-based fiat currency systems are Ponzi schemes.<\/p>\n Related: <\/strong><\/em>Bitcoiners celebrate as the network produces its 20 millionth coin<\/strong><\/em><\/a><\/p>\n \u201cBitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,\u201d Strategy co-founder Michael Saylor said<\/a> in response.<\/p>\n \u201cBitcoin has no issuer, no promoter, and no guaranteed return, just an open, decentralized monetary network driven by code and market demand,\u201d Saylor continued.<\/p>\n Pierre Rochard, CEO of The Bitcoin Bond Company, a BTC-backed financial product issuer, said that the UK is a \u201cgiant Ponzi scheme\u201d financed by debt<\/a>.\u00a0<\/p>\n Magazine: <\/strong><\/em>Bitcoin\u2019s \u2018narrative vacuum,\u2019 Ethereum now inevitable: Trade Secrets<\/strong><\/em><\/a><\/p>\n <\/template><\/div>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>\n![\"bitcoins](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019ced6d-85de-7c22-b25b-5b83d3c7c28a.png\")
Bitcoins Bitcoiners educate and ridicule Johnson for his take<\/h2>\n
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