Former U.K. Prime Minister Boris Johnson has called Bitcoin a Ponzi scheme, claiming it has far less value than gold and even Pokémon cards, which he said are more widely recognized.

 

 

 

In a recent Daily Mail article, former UK Prime Minister Boris Johnson called Bitcoin a Ponzi scheme with no real value, saying it relied on a “supply of new and credulous investors.” He also shared the story of a friend who lost about $26,000 in a crypto investment scam.

 

Johnson shared a story about a retired man from a village in Oxfordshire who initially handed over £500 (about $661) to someone who promised to double the money through Bitcoin investments. Johnson said the man went on to invest £20,000 (around $26,450) over three and a half years but ultimately received nothing in return.

 

The former prime minister also questioned the credibility of Bitcoin, calling it “a string of numbers stored in a series of computers.” “Who can we turn to if someone decrypts the crypto?” Johnson asked. “There’s no one except Nakamoto, who might be nothing more than Pikachu or Charmander.”

 

Since the pseudonymous creator of Bitcoin, Satoshi Nakamoto, lacked institutional backing, Johnson questioned Bitcoin’s credibility as a tradable asset. According to Johnson, Pokémon cards, which fascinated children thirty years ago and still do today, are a more tradable asset than Bitcoin.

 

“These curious little Japanese cartoon beasties hold the same fascination for five-year-olds as they did 30 years ago. The kids are obsessed with them. They boast and squabble about them,” Boris said.

 

“Even if you remain pretty impervious to the charm of Pikachu, you can just about see why a decades-old Pikachu card is still a tradeable asset,” he added.

 

 

The Crypto Community Responded

While many social media users have ridiculed Boris’ understanding of cryptocurrency, some have offered clearer explanations of why Bitcoin cannot be called a Ponzi scheme.

 

Michael Saylor, founder of MicroStrategy, also sought to clarify the issue.

 

“Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,” Saylor wrote on X.

 

“Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand,” he added.

 

 

The Dubai edition of the Token2049 event has been postponed due to the ongoing conflict in the Middle East.

 

In a recent press release this Friday, the organizers of TOKEN2049, one of the world's largest crypto conferences, announced the rescheduling of this year's Token2049 Dubai event. Originally set for April 29 to 30 in Dubai, the conference will now take place on April 21 to 22, 2027.

 

Image credit: Token2049

 

According to the announcement, the decision was made considering the impact the ongoing Middle East conflict could have on the safety, international travel, and logistics of attendees planning to participate in this year’s event.

 

"We know this is disappointing news for many of you who have already made plans, and we don't take that lightly. Preparations for the event were progressing strongly. However, ensuring the global crypto industry can gather safely, and at the scale and quality that define TOKEN2049, remains our top priority," said the organizers.

 

What is Token2049?

TOKEN2049 is one of the largest global crypto conferences that brings together founders, investors, developers, companies, and policymakers from across the crypto industry.

 

Starting as a small industry conference in Asia in 2018, Token2049 has grown into one of the most influential gatherings in crypto, attracting thousands of attendees to its two events: Token2049 Dubai, usually held in April or May, and Token2049 Singapore, held around September or October.

 

 

What Happens at Token2049

At Token2049, investors, developers, and founders connect to discuss the crypto industry and current trends. Regulators, banks, and major institutions also attend to explore bridging the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

 

Token2049 also serves as a launchpad for startups to pitch their ideas and projects to investors. Competitions like NEXUS, which allow startups to showcase what they are building, are usually hosted during Token2049, presenting a big opportunity for builders to connect with investors from over 160 countries.

 

In similar news, The Open Network (TON) Foundation has also cancelled its TON Gateway Dubai conference, which was originally scheduled to be held in May 2026. The cancellation was also due to the ongoing conflict in the region.

 

 

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