Former UK Prime Minister Boris Johnson calls Bitcoin a ‘Ponzi scheme’

Boris Johnson, the erstwhile premier curate of the United Kingdom, called Bitcoin (BTC) a “Ponzi Scheme” that has little worth than Pokémon cards, collectibles helium said had a wide entreaty and a multi-decade history.

Johnson wrote an sentiment article published successful the Daily Mail connected Friday that began with a communicative astir a person who had fixed 500 British pounds, oregon astir $661, to a antheral who promised to “double his money” by investing it successful BTC.

The person continued to wage further “fees” to the scheme’s promoter implicit the adjacent 3 and a fractional years, but was ne'er capable to retrieve his funds, contempt sinking 20,000 British pounds, oregon astir $26,474, which led to fiscal hardship, Johnson said. 

Source: Boris Johnson

“He was struggling to wage his bills. He wasn’t the lone one, said my friend. Other radical successful the vicinity were going done the aforesaid nightmare,” Johnson added. Johnson past argued that collectible Pokémon cards are a much tradable plus than BTC:

“These funny small Japanese cartoon beasties look to workout the aforesaid fascination implicit the five-year-old caput arsenic they did 30 years ago. The kids drool implicit them. They boast and squabble astir them.

Even if you stay beauteous impervious to the charm of Pikachu, you tin conscionable astir spot wherefore a decades-old Pikachu paper is inactive a tradeable asset,” helium added.

The sentiment nonfiction drew a question of online disapproval from the Bitcoin assemblage and crypto manufacture executives, who refuted it by explaining Bitcoin’s cardinal properties and arguing that debt-based fiat currency systems are Ponzi schemes.

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Bitcoiners amended and ridicule Johnson for his take

“Bitcoin is not a Ponzi scheme. A Ponzi requires a cardinal relation promising returns and paying aboriginal investors with funds from aboriginal ones,” Strategy co-founder Michael Saylor said successful response.

“Bitcoin has nary issuer, nary promoter, and nary guaranteed return, conscionable an open, decentralized monetary web driven by codification and marketplace demand,” Saylor continued.

Source: Mert Mumtaz

Pierre Rochard, CEO of The Bitcoin Bond Company, a BTC-backed fiscal merchandise issuer, said that the UK is simply a “giant Ponzi scheme” financed by debt. 

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