Check out this news article about it.
Honestly, it’s pretty disappointing that a former Prime Minister of the UK doesn’t seem to get what a ponzi scheme actually is. Or maybe he’s just clueless about Bitcoin altogether. Either way, he should understand that Bitcoin investments aren't some shady deal like a Ponzi scheme.
In a Ponzi scheme, the money from new investors is used to pay off earlier ones, and there’s no real profit being made from any actual business. The folks running the scheme will lie and say they're making money from a business, but it’s all a ruse. Eventually, it all falls apart.
Bitcoin doesn’t work like that at all. There’s nothing secretive about it; it’s just a coin that serves as a store of value. Bitcoin’s been around for over 16 years, tons of people have made money off it, and it’s still holding its value.
You don't have to be disappointed; anyone who hates Bitcoin, their ignorance will never allow them to see the difference, or they actually know that Bitcoin is not a Ponzi, but they will still have to criticize it in public. Just like we have Peter Schiff, someone as exposed as himself and with access to information, still publicly calling Bitcoin out and regarding it as a worthless asset, you don't have to be surprised by how they define Bitcoin.
Actually, he has known bitcoin for a long time, it's just that this person has always been skeptical of bitcoin and other cryptos, so he often says negatively about crypto and now bitcoin as a ponzi scheme, this is not strange skeptics will always accuse bitcoin of being bad.
Just ignore any statement from him because the reality of people like this will not like him, I know that coming out of a statement from a known figure, this will trigger a strong reaction from the bitcoin community.
It's nothing new for someone to say that Bitcoin is a Ponzi scheme... we've heard it many times, and it shouldn't be surprising, especially when it comes from a politician like this British man who said Bitcoin is a Ponzi scheme because it seems to promise profits without any real value.
But whatever he says won't change the fact that Bitcoin is not a Ponzi scheme-- so many investors and institutions have invested their money in Bitcoin, they aren't stupid to put their money in something so vulnerable.
And decrypted, he said? Why is he so worried about Bitcoin being decrypted when the world relies on digital systems that pose similar risks to encryption and security? He should understand that his statement is ridiculous for someone who once served as prime minister.
I agree, and it's sad that Mr. Johnson would be so inaccurate.
That said, many people use the term, "Ponzi scheme" and "pyramid scheme" interchangeably, even though they are completely different. A Ponzi relies on fraud: it's somebody promising operating profits when there aren't any.
Bitcoin is, openly and proudly, devoid of any profits and is a pure meme investment without any operational or practical value. Profiting from a purchase of Bitcoin depends entirely on other people purchasing Bitcoin for more than you did when you purchased yours (as opposed to, say, a business that can generate profits regardless of whether anybody buys its stock). Bitcoin is 100% legal and this is why.
Johnson said, "Ponzi scheme" but he probably really meant, "pyramid scheme"...
This condition is a natural thing for those who have the background behind it and this is just one of the big names of the many people who have power and positions in government who say this is a scam.
He is not a new person who has a sense of skepticism towards bitcoin because it seems that from the beginning he did not really like bitcoin and this is also not unusual especially by seeing how he has an interest that must remain skeptical of bitcoin. But in the end the result will still be the same even if the prime minister or even a much higher rank even if bitcoin will still not be affected by trivial things like this and even in his article there are some big names who argue that so I think we just need to see the excuse he gave if he reacted again to the pro-bitcoin rebuttal.
One of the dumb arguments I reard ever, is that he asks what he considers as a rhetorical question about why people should trust a system created by a pseudonymous entity named Satoshi Nakamoto without an institutional backing. His centralization based mindset can realize that concepts can be trusted based on efficiency regardless of whom the inventor behind, denying the fact about all the instituations that recognized bitcoin over the last 16 years including instituations and academic universities in his country which he is its prime minister.
When I read statements like what Boris Johnson said, I don't always assume it does come from a place of pure ignorance. These people are literates so they can make research about bitcoin if they want to but wouldn't because they naturally do not like what Bitcoin represents... A financial system that operates without the kind of centralized control many governments and institutions are used to.
So I'm not too disappointed. I know for sure that over time, as the network keeps running and adoption grows, many these critics will eventually soften their stance.
Why are so many fools given political platforms, leading them to preach religious beliefs that don't align with reality? Considering that politics is always about image and popularity, will there be an election? He deliberately did it to stir up controversy on social media, then played up the drama and ultimately backed Bitcoin. After that, he garnered widespread support and high popularity. We know that many politicians use it as a tool for his campaign.
Ponzi schemes are different from Bitcoin. Bitcoin has always been a simple (and not a store of value) transaction tool, gaining value as demand grew while supply gradually decreased. The key point is its limited supply.
Boris Johnson calling bitcoin names does not take anything away from bitcoin's existence. With or without him, Bitcoin would still exist and does not need his consent to do better. Maybe I could say he just needs attention through talking ill about bitcoin, as that is just the means by which public figures attract attention to themselves.
Why get disappointed by that guy? Yes, he's a known guy but there were even bad calls for Bitcoin as if it's already dead and no longer working.
So if someone is telling that Bitcoin is a ponzi, we know that guy knows nothing and they have probably no idea of what Bitcoin really is.
Don't get too emotional if a prominent guy tells bad thing or two about Bitcoin. They have no complete idea of what they say.
He is probably looking for attention and become a headline, and we are making him successful at that. Whenever someone talks rubbish about something which we clearly know is not correct, we shouldn't give them any importance or attention, because they do that deliberately only to trigger people so that they become the talk of the town, and that is exactly what's happening. We all know that he's not illiterate, he knows how to read or comprehend what he hears or is told, so it's obviously not possible for him to not know what Bitcoin is and how it works, and if he's so illiterate that he still doesn't know anything about it, we shouldn't listen to anything he says.
Such people should be ignored like they don't exist, especially when we can clearly see what they are trying to do. If someone tells me that Bitcoin is a ponzi scheme when I know it is not, I will surely ignore that person and whatever he says next time, and I won't discuss him with others because I know he's talking rubbish and his words have no truthfulness, hence no value. So, I would suggest that we don't discuss them again and again and on every forum, because that will make them successful in what they are seeking, and we shouldn't let that happen.
Same opinion I have here, I usually say that there comments are coming from the point of hatred and also the point of actually buttressing their argument or not lowering their ego or pride that they have been wrong all this years due but no they prefer to wear that pride instead, so its never from the point of ignorance. He was the prime minister and fought against bitcoin then so you think he will back down now? I doubt, he is in same category with the likes of Peter Schiff there opinion doesnt matter. How many have we seen go against bitcoin but today we see them actually being the lovers of bitcoin.
If Bitcoin is Ponzi schemes as described by Mr ex prime minister then many or all assets will definitely fit into this category. So you see its not ignorance at all.
Coming from a former politician, I don't think it's disappointing let alone a big deal. There's nothing to worry about Johnson's opinion. I don't think he doesn't know what a Ponzi scheme is, but I'm guessing he doesn't understand Bitcoin. If he does, he simply doesn't like it or the idea that a currency could be truly independent from the state. And there's no problem about that. Bitcoin adoption continues. Individuals, states, and institutions continue to embrace Bitcoin one after another.
Why are you disappointed by this nonsense? Do you expect, for example, that the current prime ministers in most governments know a lot about Bitcoin? This is the talk of an old man who knows nothing about Bitcoin and it has no value.
This is not the first time this nonsense has been said about Bitcoin. It has been said before by men who consider themselves professors of economics, but it is clear that they have not studied Bitcoin and do not understand it well, so pay no attention to them.
After the achievement and the acknowledgement, Bitcoin has gained through the institutional investors, and others, I believe anyone who still sees Bitcoin as a Ponzi scheme should be just ignore.
But, the situation of Boris Johnson calling Bitcoin a Ponzi scheme was triggered by " his local village man who initially invested £500 in a crypto scheme (which I believe his investment was in shitcoin). According to Johnson, the investment later turned into a £20,000 loss due to high fees and unsuccessful withdrawal attempts."
These are things that happened to people who lack a better understanding of what Bitcoin investment entails, but invested in shitcoin, which makes it difficult for investors to withdraw or sell their bag.
Ohhh, I missed the time where some influential person is saying things like that. The last one? Jamie Dimon back in 2018 when he said that Bitcoin is a fraud. Where he is now? Out there supporting crypto by integrating it on their system.
The modern-day "Jamie Dimon" or the modern-day "Donald Trump". I really thought that it will be Peter Schiff that will be the one that's against Bitcoin, but here comes a new challenger. I'm also disappointed with what he said because he might be a Prime Minister, but he's not that knowledgeable when it comes to investing especially in cryptocurrency. What you said is very far from how Bitcoin's being built. For me, Bitcoin is an asset where investors can gain money from it just like how the stock market works, but in this case, there's no centralized company that's governing it, so I don't know why Johnson said that it's a ponzi scheme.
I look high at these people because they're the leader of this country. I hope he thinks way better than this one. Well, let's just ignore what he's saying. At the end of the day, his opinions are his opinions and we have the right to agree to it or not.
Bitcoin has no CEO to arrest, no board to bribe, and no government to bail it out. It has survived 15+ years, multiple crashes, bans, and FUD from every suit in every country. A ponzi scheme doesn't do that. It just needs one Boris to pull the plug.
He maybe knew well about Ponzi scheme that is not hard to understand and it has existed in societies a long time. He perhaps also knew well that Bitcoin is not a Ponzi project but he only tried to attack Bitcoin.
Anyway, what he knew, what he thought and what he said about Bitcoin is not important. He is only the former UK Prime Minister, not the current one who is in charge, and his effects would be small or even zero. Let's ignore him, and in 2026 after many years of growth, Bitcoin has been very strong now, such non sense attacks will never beat Bitcoin down.
Read and be more well prepared against Bitcoin fuds.
http://endthefud.org/
I'm waiting for the day when he'll call Bitcoin a good project, but even that doesn't matter at all. Boris Johnson thinks that Bitcoin is a ponzi scheme and that's his thinking but we know what Bitcoin is and how it'll be in future. When Bitcoin will reach or cross value of $500k then many of skeptics will regret that why they didn't invested their money in it when it was still below $80k in value.