Former UK Prime Minister Calls Bitcoin a "Ponzi Scheme," Argues Its Value Relies on Market Confidence

Odaily News Former UK Prime Minister Boris Johnson stated in an article that he has long suspected Bitcoin is a "massive Ponzi scheme," and recent cases of investment losses he has heard about have made him more concerned that this assessment might be correct.

In the article, Boris Johnson mentioned that a former businessman he knows well suffered losses from investing in Bitcoin, ultimately losing around £20,000 and falling into financial difficulties. He used this to question Bitcoin's intrinsic value, arguing that its essence is merely a string of numbers stored in computers, lacking the value backing similar to gold or traditional currencies.

Boris Johnson also pointed out that the value of cryptocurrencies largely depends on the confidence of market participants; once confidence wanes, their prices could plummet rapidly. He further stated that if investor confidence continues to be damaged in the future, the crypto industry may face even greater challenges.