Bitcoin proponents have once again leapt to the defence of the asset after former UK Prime Minister Boris Johnson made a derogatory comment about the digital asset.
Notably, the proponents that defended BTC were Strategy’s Michael Saylor and Donald Trump’s son, Eric Trump, highlighting the benefits and usefulness of the digital asset after Johnson called it a Ponzi scheme. Boris Johnson has labeled Bitcoin (BTC) and other cryptocurrencies a “giant Ponzi scheme,” stating that the digital asset sector is largely based on beliefs rather than true worth.
Boris Johnson calls cryptocurrencies a ‘Ponzi scheme.’
In his new column for the Daily Mail, Johnson wrote that Bitcoin’s true value depends on the constant influx of new investors buying into the system. “I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme. Like all such schemes, they depend on a constant supply of new and credulous investors,” Boris Johnson.
Johnson based his criticism on the personal experience of someone from the local village where he resides, who had invested in Bitcoin after being influenced by someone he met at the local pub. The individual initially invested £500 (approximately $661) in Bitcoin, with the promise of doubling the investment. However, after years of confusion and various fees involved in recovering the funds, the individual ended up losing around £20,000 (approximately $26,446).
The former prime minister explained that such cases are becoming more common, especially among older people who may not be aware of the workings of the crypto market. “The more elderly people get ripped off — in the name of Bitcoin — the faster that disillusion will set in,” Johnson wrote. Despite his strong arguments, X community notes fact-checking his claims.
In addition, Michael Saylor claimed, “Bitcoin is not a Ponzi scheme […] has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.” To which Eric Trump added, “Totally disagree.” Apart from scams and speculation, Johnson also expressed doubts over whether Bitcoin actually had any real value.
Bitcoin or Gold?
While gold and collectibles like Pokémon cards, Johnson said, had at least some level of “appeal,” Bitcoin is only “a string of numbers stored in a series of computers.” Johnson used the example of Roman Empire coins bearing Caesar’s image to illustrate that trust in currency is based on the strength of the “institutions that back it.”
While both parties are still arguing whether it is a scam or not, BTC is currently worth over $70K. According to on-chain data from CoinMarketCap, BTC is down 0.76% to $71,025.71 in 24h, closely tracking a broader risk-off move in markets. It shows a strong correlation (85%) with the S&P 500, indicating a macro-driven move primarily driven by escalating geopolitical tensions in the Middle East. Strategy is currently the biggest publicly traded Bitcoin treasury company.
At the moment, they own 738,731 BTC. This represents roughly 3.52% of the entire Bitcoin supply, which totals 21 million. On the other hand, Eric Trump has been an active participant in BTC and crypto through business ventures, particularly as a co-founder and chief strategy officer of American Bitcoin Corp. As of early March 2026, American Bitcoin had surpassed 6,500 BTC in its treasury.
