On Friday, Michael Saylor defended Bitcoin (CRYPTO: BTC) after former UK Prime Minister Boris Johnson described cryptocurrencies as a “giant Ponzi scheme” in a column.
Boris Johnson Questions Bitcoin’s Value
In a Daily Mail column, Johnson argued that Bitcoin and other digital assets rely largely on belief rather than inherent value.
He said cryptocurrencies function similarly to a Ponzi scheme because their value depends on a steady flow of new investors willing to buy in.
“I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme,” Johnson wrote, adding that such systems depend on “a constant supply of new and credulous investors.”
Former UK Prime Minister Shares Bitcoin Loss Story
To illustrate his concerns, Johnson shared an anecdote about a man from his village who invested roughly £500 (about $660) in Bitcoin after meeting someone in a pub who promised the money would double.
According to Johnson, the investor later lost nearly £20,000 (around $26,000) after paying various fees while trying to …