Boris Johnson described Bitcoin as a “giant Ponzi scheme,” citing an anecdote about an elderly churchgoer who suffered losses after buying the asset. He argued that Bitcoin ultimately depends on public belief and warned that a collapse could leave many investors, especially older ones, facing financial hardship.

Michael Saylor, Paolo Ardoino and Adam Back swiftly refuted the Ponzi label, highlighting that Bitcoin operates without a central operator and uses transparent code rather than investor funds to pay returns. They stressed that its decentralized design and predictable issuance schedule invalidate Ponzi characteristics.

Accusations that Bitcoin resembles a Ponzi scheme have surfaced periodically, with critics pointing to volatility and speculative behavior. Supporters counter that its fixed supply cap and open-source protocol distinguish it from frauds that require new investor capital to sustain payouts.