Boris Johnson Trolls Bitcoin, Says Investment In ‘Pikachu’ Cards Are Better –Strategy’s Michael Saylor Isn’t Having It

Johnson’s criticism comes despite previous links seen between the Johnson-led government and the crypto industry.

• Strategy chairman Michael Saylor defended Bitcoin after former UK Prime Minister Boris Johnson called it a “giant Ponzi scheme.”
• Johnson made the remarks in a Daily Mail column, comparing Bitcoin to speculative assets.
• Johnson argued that in ten years’ time, an investment in Pokémon cards would provide better returns. 

A fresh debate over Bitcoin’s legitimacy has emerged after former UK Prime Minister Boris Johnson mocked the cryptocurrency as a “giant Ponzi scheme” and compared its value to Pikachu cards. Among many critics of Johnson, Bitcoin’s largest supporter–Strategy chairman Michael Saylor– stood out.

Saylor responded to Johnson’s claims on Friday, arguing that the criticism misunderstands how Bitcoin works and why it has gained widespread adoption. “Bitcoin is not a Ponzi scheme,” Saylor wrote. 

He explained that Ponzi schemes relied on a central operator who promised returns and paid early investors with funds from new participants, something Bitcoin is not. Bitcoin is decentralized in nature.

“Bitcoin has no issuer, no promoter, and no guaranteed return - just an open, decentralized monetary network driven by code and market demand,” Saylor added, pushing back on Johnson’s comments. 

Saylor has long been one of Bitcoin’s most prominent corporate advocates. His company, Strategy (MSTR), is the largest institutional holder of Bitcoin, with 738,731 BTC.

Bitcoin (BTC) was trading at $70,721, down by 0.8% over 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘neutral’ territory, as chatter levels around it remained ‘low’ over the past day. 

Former UK Prime Minister Raises Concerns About Bitcoin

Johnson’s remarks appeared in a Daily Mail column on Thursday, where he questioned the economic foundations of cryptocurrencies. Johnson said he had “long suspected Bitcoin [was] a giant Ponzi scheme,” recounting an anecdote about an investor who initially put in £500 hoping his money would double but ended up losing £20,000 after several years.

Johnson also mocked the basis of Bitcoin’s value, arguing that its price depended largely on collective belief rather than intrinsic worth. “I reckon in ten years’ time an investment in Pokémon cards will look like a much better long-term bet,” Johnson wrote, adding that “old Pikachu and his cards have an image and superscription that any five-year-old can recognise.”

The criticism also came despite previous links between Johnson’s government and the crypto industry. In April 2022, then-Chancellor Rishi Sunak announced plans to make the UK a “global hub for cryptoasset technology and investment.”

Despite such criticism, Bitcoin has grown into a major financial market and continues to remain the largest digital asset, accounting for over 58% of the total market capitalization.

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