Former UK Prime Minister Boris Johnson has criticized Bitcoin. He mentioned a conversation with a church acquaintance who lost money in a so-called crypto investment project. According to Johnson, the man initially handed over £500 to someone, promising to double his funds through Bitcoin.
Johnson compared Bitcoin to traditional assets and collectibles. He stated, “I can see the intrinsic value of gold. I can even understand why Pokémon cards can hold their value.” He also referenced the mysterious identity of Bitcoin's creator, Satoshi Nakamoto, and pointed out that the system largely relies on collective belief. “Everything depends entirely on the collective belief of Bitcoin holders,” Johnson said.
He warned that the increasing number of fraud cases related to crypto investments could undermine people's confidence in the industry. Johnson wrote, “I have been skeptical from the beginning that all cryptocurrencies are basically Ponzi schemes.” He believes that the ecosystem relies on a continuous influx of new investors.
In response, Michael Saylor pushed back. He argued that Bitcoin's structure fundamentally distinguishes it from such schemes. “Bitcoin has no issuer, no promoters, and no guaranteed returns—only an open, decentralized currency network driven by code and market demand,” Saylor stated.
As a prominent corporate advocate for Bitcoin, Saylor's company MicroStrategy holds billions of dollars worth of cryptocurrency on its balance sheet. Johnson's comments have also sparked a broader discussion about monetary systems. He referenced historically government-backed currency models, using the image of emperors on Roman coins as an example, highlighting trust in state-supported currencies. However, crypto advocates often argue that Bitcoin's decentralized structure is precisely what protects it from political influence and inflation related to government spending.