Former UK PM Johnson Calls Bitcoin a 'Ponzi Scheme'

Boris Johnson called Bitcoin (BTC) a "Ponzi Scheme" with less value than Pokémon cards in an opinion piece published in the Daily Mail. He began with a story about a friend who gave 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" over three and a half years but never retrieved his funds, eventually sinking 20,000 British pounds, or about $26,474, which led to financial hardship. "He was struggling to pay his bills. He wasn’t the only one," Johnson said.

Johnson argued that collectible Pokémon cards are a more tradable asset than BTC, noting their broad appeal and multi-decade history. "These curious little Japanese cartoon beasties seem to exercise the same fascination over the five-year-old mind as they did 30 years ago.

United Kingdom

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