Overview
- Johnson’s March 13 Daily Mail column called Bitcoin a “giant Ponzi scheme,” asserting it depends on fresh buyers and lacks intrinsic value.
- He cited an Oxfordshire retiree who handed £500 to a stranger and ultimately lost about £20,000 to what he acknowledged was a scam tied to crypto.
- Michael Saylor responded on X that a Ponzi requires a central operator promising payouts, arguing Bitcoin has no issuer, promoter, or guaranteed return.
- Other voices, including BitMEX Research and former Chancellor Kwasi Kwarteng, emphasized Bitcoin’s fixed supply, open-source code, and lack of central control, with X Community Notes noting that Ponzis promise high returns with little risk.
- Reports placed Bitcoin near $70,000 and around a $1.4 trillion market cap during the exchange, with no immediate UK policy or enforcement changes resulting from the dispute.