Michael Saylor has responded sharply after former UK Prime Minister Boris Johnson criticized Bitcoin (BTC) and suggested that it resembles a Ponzi scheme.
Former UK Prime Minister Boris Johnson criticizes Bitcoin
Johnson described a conversation with a church acquaintance who lost money after being lured into a supposed crypto investment opportunity. According to Johnson, the man initially handed over £500 to someone who promised to double his money through Bitcoin.
“After three and a half years of muddle… he was down £20,000,” Johnson wrote in a report. He also described how the individual paid repeated fees in an attempt to recover the funds. The former prime minister used the story to question the value and structure of cryptocurrencies.
He contrasted BTC with traditional assets and collectibles.“I can see the intrinsic value of gold,” Johnson wrote. “I can even understand why Pokemon cards have kept their value.”
He then questioned the foundations of digital assets, arguing that Bitcoin lacks an identifiable authority or issuer. “But Bitcoin? What is it? It’s just a string of numbers stored in a series of computers,” he wrote.
Johnson also referenced the mysterious origins of the BTC’s creator, Satoshi Nakamoto, adding that the system depends heavily on collective belief. “The whole thing depends completely on the collective belief… of the Bitcoin holders,” Johnson said.
He warned that increasing cases of fraud linked to crypto investments could weaken confidence in the sector. “I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme,” Johnson wrote. He argued that the ecosystem relies on a continuous flow of new investors.
Michael Saylor claps back at Johnson
Saylor rejected that characterization in a post on the social platform X. “Bitcoin is not a Ponzi scheme,” Saylor wrote. “A Ponzi requires a central operator promising returns and paying early investors with funds from later ones.”
He argued that Bitcoin’s structure makes it fundamentally different from such schemes. “Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand,” Saylor said.
The executive has long been one of the most prominent corporate advocates for Bitcoin. His company, MicroStrategy, holds billions of dollars worth of the crypto on its balance sheet. Johnson’s comments also revisited broader debates about monetary systems.
In his remarks, he referenced historical currency models backed by government authority, pointing to Roman coins bearing the image of emperors as an example of trust in state-backed money. Crypto supporters, however, often argue that Bitcoin’s decentralized structure is precisely what protects it from political influence and inflation tied to government spending.