People have been calling Bitcoin a Ponzi scheme for over 16 years. Shouldn’t it be dead by now? Or is this a long con Satoshi Nakamoto brought about in 2008? Strategy’s Michael Saylor and Trump’s son, Eric Trump, have defended Bitcoin in the face of a recent attack, calling it not a Ponzi scheme.
Saylor and Eric Trump’s remarks come on the heels of former UK’s PM Boris Johnson’s remarks. Boris Johnson has labeled Bitcoin (BTC) and other cryptocurrencies a “giant Ponzi scheme,” stating that the digital asset sector is largely based on beliefs rather than true worth.
Why is Bitcoin being called a Ponzi scheme? Boris Johnson’s claims
In his new column for the Daily Mail, Johnson wrote that Bitcoin’s true value depends on the constant influx of new investors buying into the system.
I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme. Like all such schemes, they depend on a constant supply of new and credulous investors.
Boris Johnson
Johnson based his criticism on the personal experience of someone from the local village where he resides, who had invested in Bitcoin after being influenced by someone he met at the local pub.
The individual initially invested £500 (approximately $661) in Bitcoin, with the promise of doubling the investment. However, after years of confusion and various fees involved in recovering the funds, the individual ended up losing around £20,000 (approximately $26,446)
The former prime minister explained that such cases are becoming more common, especially among older people who may not be aware of the workings of the crypto market. “The more elderly people get ripped off — in the name of Bitcoin — the faster that disillusion will set in,” Johnson wrote.
Strongly as he feels about this, X community notes has fact-checked his claims.
On top of that, Michael Saylor adds, “Bitcoin is not a Ponzi scheme […] has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.”
To which Eric Trump added, “Totally disagree.”
Is Bitcoin a pyramid scheme? Investors on Reddit do see BTC as a pyramid scheme, not a Ponzi scheme. According to one, “Pyramid schemes are based on network marketing,” and such is BTC. Another adds, “It’s a greater fool scheme.”
To which this user states, “Similar to a victimless crime, but buying BTC, then bankrupting the US with a national debt of $37T is the ultimate offender-less crime. No one did it. No one held accountable. No one to prosecute.”
Boris pits BTC against gold
Apart from scams and speculation, Johnson also expressed doubts over whether Bitcoin actually had any real value.
While gold and collectibles like Pokémon cards, Johnson said, had at least some level of “appeal,” Bitcoin is only “a string of numbers stored in a series of computers.”
Johnson used the example of Roman Empire coins bearing Caesar’s image to illustrate that trust in currency is based on the strength of the “institutions that back it.”
Scam or not, BTC is currently worth over $70K. According to on-chain data from CoinMarketCap, BTC is down 0.76% to $71,025.71 in 24h, closely tracking a broader risk-off move in markets. It shows a strong correlation (85%) with the S&P 500, indicating a macro-driven move primarily driven by escalating geopolitical tensions in the Middle East.
Strategy is currently the biggest publicly traded Bitcoin treasury company. At the moment, they own 738,731 BTC. This represents roughly 3.52% of the entire Bitcoin supply, which totals 21 million.
On the other hand, Eric Trump has been an active participant in BTC and crypto through business ventures, particularly as a co-founder and chief strategy officer of American Bitcoin Corp.
As of early March 2026, American Bitcoin had surpassed 6,500 BTC in its treasury, accumulating more than 500 BTC in just 21 days, making it the 17th largest public Bitcoin holder in the world.
Eric Trump’s participation is part of the broader crypto portfolio of the Trump family, which includes World Liberty Financial, co-founded with family members, focusing on DeFi, stablecoins such as USD1, and other platforms.
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