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Bitcoin again faces criticism after former UK Prime Minister Boris Johnson labeled cryptocurrencies a “giant Ponzi scheme.” His remarks triggered responses from Strategy’s Michael Saylor and Eric Trump, who rejected the claim and defended Bitcoin’s decentralized structure. Meanwhile, investors continue to monitor ETF inflows and on-chain data as market sentiment remains fragile.
Boris Johnson criticized Bitcoin and other cryptocurrencies in a recent Daily Mail column. He wrote that digital assets rely largely on belief rather than intrinsic value. According to Johnson, the system depends on a constant supply of new investors who continue buying into the market. He said such reliance mirrors the mechanics commonly seen in Ponzi schemes.
Johnson described an example involving someone from the village where he lives. The person reportedly invested £500 in Bitcoin after meeting someone at a local pub. The investor expected the money to double. Instead, confusion over recovering the funds and several fees followed.
Years later, the individual reportedly lost about £20,000. Johnson said cases like this appear more common, particularly among older people unfamiliar with the crypto market. He warned that growing losses linked to Bitcoin could increase public disillusionment with the industry.
Michael Saylor rejected the Ponzi claim and defended Bitcoin’s structure. He said the network operates as an open and decentralized monetary system. According to Saylor, Bitcoin has no issuer, no central promoter, and no guaranteed returns. Instead, the network functions through code and market demand.
Eric Trump also dismissed Johnson’s position. He responded to the criticism by stating he “totally disagreed” with the Ponzi label. Trump has previously expressed strong support for Bitcoin. He also projected that the cryptocurrency could reach $1 million.
His comments arrive during an ongoing debate about the asset’s long-term role in finance. But the market continues to rely on measurable signals such as demand and liquidity.
While political figures argue over Bitcoin’s legitimacy, market participants focus on data. One key factor involves inflows into Bitcoin exchange-traded funds. Recent ETF inflows reached about $1.47 billion over two weeks. These inflows helped lift Bitcoin’s price after a period of weak activity. Analysts note that ETF flows do not always convert immediately into spot purchases. Still, consistent inflows can create structural support for the market.
At the same time, on-chain metrics show mixed signals. Only about 57 percent of the Bitcoin supply currently sits in profit. Historically, analysts view the 60 percent level as a key behavioral threshold. When supply in profit moves above that level, broader market confidence often returns.
Until that level changes, rallies could face selling pressure from short-term holders exiting near break-even. Meanwhile, investors continue debating Bitcoin’s nature across online communities. Some Reddit users describe Bitcoin as a pyramid structure tied to network growth.
Others call it a “greater fool” system driven by speculative demand. With criticism from political figures and support from high-profile advocates, one question remains: after more than 16 years of debate, why does the Ponzi accusation against Bitcoin still persist?
Boris Johnson labeled Bitcoin a Ponzi scheme, citing investor losses, while Michael Saylor and Eric Trump defended its decentralized structure. ETF inflows and on-chain metrics remain key indicators for market stability and price movement. Investors should track these signals closely.
