Michael Saylor Pushes Back After Boris Johnson Calls Bitcoin A 'Giant Ponzi Scheme,' Says Crypto Has 'No Issuer, No Promoter'

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On Friday, Michael Saylor defended Bitcoin aft erstwhile UK Prime Minister Boris Johnson described cryptocurrencies arsenic a "giant Ponzi scheme" successful a column.

In a Daily Mail column, Johnson argued that Bitcoin and different integer assets trust mostly connected content alternatively than inherent value.

He said cryptocurrencies relation likewise to a Ponzi strategy due to the fact that their worth depends connected a dependable travel of caller investors consenting to bargain in.

“I person ever suspected from the outset that each cryptocurrencies were fundamentally a Ponzi scheme,” Johnson wrote, adding that specified systems beryllium connected “a changeless proviso of caller and credulous investors.”

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To exemplify his concerns, Johnson shared an anecdote astir a antheral from his colony who invested astir £500 (about $660) successful Bitcoin aft gathering idiosyncratic successful a pub who promised the wealth would double.

According to Johnson, the capitalist aboriginal mislaid astir £20,000 (around $26,000) aft paying assorted fees portion trying to retrieve the funds.

Johnson argued that stories similar this item the risks for radical who whitethorn not afloat recognize however crypto markets work, peculiarly older investors.

He besides questioned whether Bitcoin has immoderate underlying value, noting that, dissimilar assets specified arsenic golden oregon collectible items, the cryptocurrency exists lone arsenic integer codification stored connected computers.

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The erstwhile premier curate said accepted currencies historically deduce credibility from governments and institutions that backmost them.

I've agelong suspected Bitcoin is simply a elephantine Ponzi strategy and present I'm proceeding tales of woe that marque maine fearfulness I'm right.https://t.co/rTny2NBaYB

Saylor, president of MicroStrategy — present operating arsenic Strategy Inc. and wide known for holding ample Bitcoin reserves — pushed backmost against Johnson's characterization.

"Bitcoin is not a Ponzi scheme," Saylor wrote connected X. "A Ponzi requires a cardinal relation promising returns and paying aboriginal investors with funds from aboriginal ones."