Former UK Prime Minister Boris Johnson has described Bitcoin as a “Ponzi scheme,” arguing it has less value than collectibles such as Pokemon cards.

Daily Mail column cites alleged bitcoin scam

In a Friday opinion piece in the Daily Mail, Johnson opened with a story about a friend who gave £500 (about $661) to a man who promised to “double his money” by investing it in bitcoin.

Johnson wrote that the friend kept paying additional “fees” over the next three and a half years.

He said the friend was never able to retrieve funds after sinking £20,000 (about $26,474), which he said led to financial hardship.

Johnson wrote:

“He was struggling to pay his bills. He wasn’t the only one, said my friend. Other people in the neighborhood were going through the same nightmare.”

Johnson compares bitcoin to Pokemon cards

Johnson argued that decades-old Pokemon cards are easier to understand as tradeable assets because they have broad appeal and a multi-decade history.

He added:

“Even if you remain pretty impervious to the charm of Pikachu, you can just about see why a decades-old Pikachu card is still a tradeable asset.”

Bitcoiners push back online

The column drew criticism from bitcoin supporters and industry executives.

Strategy co-founder Michael Saylor responded by disputing the “Ponzi” label.

Saylor said:

“Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones.”

Some critics also pointed to the UK’s debt-based system, with Pierre Rochard calling the country a “giant Ponzi scheme” financed by debt.