Michael Saylor Defends Bitcoin Against Boris Johnson’s “Ponzi Scheme” Label

Highlights:

• Michael Saylor rejects the claim that Bitcoin is a Ponzi scheme.
• Bitcoin has no central operator, unlike Ponzi schemes, argues Saylor.
• Former UK Finance Minister supports Bitcoin’s potential despite criticisms.

The controversy around the legitimacy of Bitcoin continues to intensify. The former UK Prime Minister Boris Johnson recently described Bitcoin as a Ponzi scheme. His statements were, however, refuted by prominent Bitcoin supporter Michael Saylor.

The criticism by Johnson was made in a column in The Daily Mail, where he labelled Bitcoin as an unstable and risky investment. Johnson based his argument on a personal experience when he recounted how a man in his village lost thousands of pounds after investing in Bitcoin. He said the man was deceived by claims of huge returns only to see his investment erode over time.

I've long suspected Bitcoin is a giant Ponzi scheme and now I'm hearing tales of woe that make me fear I'm right.https://t.co/rTny2NBaYB

— Boris Johnson (@BorisJohnson) March 13, 2026

In the case of Johnson, the main problem with Bitcoin is that it has no intrinsic value. Bitcoin, unlike gold, which has tangible worth, or even a Pokécard, is a mere series of numbers in computers. He also pointed out that the worth of Bitcoin solely depends on a collective belief without the backing of an authority or institution.

Despite the criticisms, Bitcoin has continued to gain popularity, attracting institutional and everyday traders. Johnson, however, expressed the growing concern about the number of people becoming victims of crypto-related fraud. With the crypto market growing, he cautioned that most of the less tech-savvy older investors in the market are particularly vulnerable.

Michael Saylor Rejects Claims That Bitcoin Is a Ponzi Scheme

Bitcoin proponent Michael Saylor has always been vocal in defending Bitcoin. Responding to the statements of Johnson, Saylor took X (formerly Twitter) to explain the position of Bitcoin in the market. “Bitcoin is not a Ponzi scheme,” claimed Saylor. He described a Ponzi scheme as involving a central operator who uses the funds of new investors as a cover-up to pay earlier investors. Bitcoin, however, does not have an issuer, promoter, or promised returns.

Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.

— Michael Saylor (@saylor) March 13, 2026

Saylor emphasized that decentralization of Bitcoin makes it unique compared to traditional finance systems. Bitcoin is not controlled by a central authority but is operated by an open, decentralized network relying on the market demand and code. Saylor is the chairman of Strategy, which currently holds more than 738,000 BTC on its balance sheet. The firm has continued to accumulate cryptocurrency despite the correction in Bitcoin’s price.

Other Voices Weigh In on Bitcoin’s Future

Michael Saylor’s response was not the only criticism directed towards Johnson. Kwasi Kwarteng, the former UK Finance Minister, entered the discussion. Kwarteng said that a lot of people in the British political arena are asleep at the wheel in terms of understanding Bitcoin. He has criticized the dismissive attitude toward cryptocurrencies, claiming that the government of the UK must educate itself on digital assets.

Here is the uncomfortable truth:

The British political class is years behind when it comes to Bitcoin and digital assets. We are asleep at the wheel.

Too many people in Westminster are happy to dismiss it with throwaway lines about “Ponzi schemes” without having spent even a…

— Kwasi Kwarteng (@kwasi_stackbtc) March 13, 2026

Kwarteng further compared the emergence of Bitcoin to the evolution of money itself. He noted that the decentralized and fixed supply system of Bitcoin is the logical next step in the evolution of financial systems. He argued that bitcoin is part of a wider trend of abandoning fiat currencies controlled by the central bank.

Although Kwarteng admitted that not all cryptocurrencies have value, the value of Bitcoin lies in its decentralization and fixed supply. Moreover, he pointed out that Bitcoin itself is mistaken with other crypto projects, which are less transparent, resulting in misconceptions.