Former UK Prime Minister Boris Johnson calls Bitcoin a ‘Ponzi scheme’

Johnson said that he could understand why gold and Pokémon cards have investment appeal but not Bitcoin, which he characterized as a scam.

Boris Johnson, the former prime minister of the United Kingdom, called Bitcoin (BTC) a “Ponzi Scheme” that has less value than Pokémon cards, collectibles he said had a wide appeal and a multi-decade history.

Johnson wrote an opinion article published in the Daily Mail on Friday that began with a story about a friend who had given 500 British pounds, or about $661, to a man who promised to “double his money” by investing it in BTC.

The friend continued to pay additional “fees” to the scheme’s promoter over the next three and a half years, but was never able to retrieve his funds, despite sinking 20,000 British pounds, or about $26,474, which led to financial hardship, Johnson said. 

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