The former British Prime Minister called Bitcoin a "Ponzi scheme," arguing that its value depends on market confidence.

Former British Prime Minister Boris Johnson has published an article stating that he has long suspected Bitcoin of being a "huge Ponzi scheme," and that recent cases of investment losses he has heard about have reinforced his concern that this assessment may be correct. In his article, Johnson cites the example of a former businessman he knows who suffered losses of approximately £20,000 and fell into financial distress after investing in Bitcoin. He uses this example to question Bitcoin's intrinsic value, arguing that it is essentially just a string of numbers stored in a computer, lacking the value backing of gold or traditional currencies. Johnson also points out that the value of cryptocurrencies largely depends on the confidence of market participants, and that once confidence weakens, its price could plummet. He further states that if investor confidence continues to erode in the future, the crypto industry may face even greater challenges.