Boris Johnson slams Bitcoin as a 'giant Ponzi scheme' in fiery critique
Former Prime Minister Boris Johnson has called Bitcoin a 'giant Ponzi scheme' in a recent column for the Daily Mail. He argued that digital currencies lack real value and compared them unfavourably to everything from gold to vintage Pokémon cards.
His criticism comes despite his own government previously taking steps to welcome the crypto industry into the UK.
Johnson's latest remarks dismiss Bitcoin as a speculative bubble driven by the 'greater fool' theory—the idea that investors only profit if someone else buys in at a higher price. He claimed that traditional assets, like gold or even collectible trading cards, hold more reliable long-term worth. Unlike these, he argued, cryptocurrencies have no intrinsic value and no accountability when things go wrong.
He also targeted decentralisation, the core principle of crypto, calling it a fundamental flaw. With no central authority, Johnson warned, there is 'no one to complain to' and 'no one to sack' if investments collapse. His comments extended to broader concerns about fraud, noting that ordinary people are increasingly losing money to crypto scams. Yet, during his time in office, Johnson's administration actively worked to position the UK as a hub for digital assets. Policies were introduced to encourage growth in the sector, creating a contrast between his past actions and current scepticism. Since his 2023 Bitcoin criticism, however, no new regulatory measures or political decisions on crypto have been recorded under his leadership.
Johnson's latest attack on Bitcoin highlights his deep scepticism about digital currencies, despite his government's earlier efforts to support the industry. His warnings focus on the risks to investors and the lack of safeguards in a decentralised system.
The comments arrive without any new policy shifts, leaving the UK's regulatory stance on crypto unchanged for now.
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