Boris Johnson and His Hair Let’s Us Know What He Thinks…
Boris Johnson published a column in the Daily Mail on March 13 titled .
“I’ve long suspected Bitcoin is a giant Ponzi scheme and now I’m hearing tales of woe that make me fear I’m right…”
Now if you know anything about the Daily Mail it has a reputation for having the same journalistic integrity of Weekly World News (The Bat Boy people) with how full on insane their news stories tend to be.
But here’s the thing, every single news story about how “bad” Bitcoin is or calling it a Ponzi while the market is low and the price still doesn’t move an iota is another sign of the strength of the network and the product itself and for me is another indicator that the bottom may be in.
In the article, which I didn’t pay for it because I’m not paying for that garbage but Boris calls Bitcoin a “Ponzi scheme” which always gets this look from me.
Ponzi schemes are centralized and fall apart when the money stops flowing which Bitcoin as a network could not care less if it tried.
Johnson’s “opinion” rested upon meeting a man from his village in Oxfordshire who handed £500 to a stranger in a pub who promised to double it through Bitcoin and that man spent three and a half years trying to get his money back, racking up nearly £20,000 in fees.
Johnson’s conclusion? “I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme.”
So anytime anybody says Bitcoin is a Ponzi scheme you should know that they have absolutely zero clue about what they’re talking about and I pretty much discount their opinion immediately.
That being said Boris Johnson is still a voice that holds sway over some people and the fact that price didn’t move on this article is a good sign to me as well.
The man in Johnson’s story wasn’t scammed by Bitcoin. He was scammed by a con artist using Bitcoin as bait. People get scammed through email, through fake stock brokers, through timeshares.
We don’t call the stock market a Ponzi because of stockbroker fraud.
Now about a year ago I was grabbing drinks with a friend of mine and she was telling me about how their mother, a retired grade school teacher in Texas was talking to a con artist of some type and got duped into sending her entire life savings from her bank account and to send it via a Bitcoin machine in a gas station.
So fraud absolutely does happen and anti-fraud education is an absolute 100% must in Bitcoin as well as basically any other financial endeavor you will be part of.
Michael Saylor responded within hours to Johnson: “A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return — just an open, decentralized monetary network driven by code and market demand.”
The thing about the Ponzi accusation is it keeps failing the same basic test.
A Ponzi collapses when the operator disappears but because Bitcoin has no operator. If anything the creator disappeared 15 years ago and hasn’t been heard from since.
Again, opposite of a Ponzi.
Johnson isn’t wrong that people get hurt by crypto scams. That’s real, and it matters.
What he’s wrong about is blaming the protocol for what fraudsters do with it.
Nouriel Roubini has been calling Bitcoin a Ponzi since 2013. The ECB published its Bitcoin obituary in 2022. Every few months, a new voice joins the chorus and I just add it to the Bitcoin Deaths count.
And every time, Bitcoin proves them wrong by... still existing.
Real scarcity, open code, verifiable by you, me and Stan down the street.
Don’t get scammed is really what people should not be doing.
Metaplanet Invents a New Way To Invest In Bitcoin
The Tokyo-listed firm raised $255 million from global institutional investors on March 16 and paired with a new warrant structure, the total potential funding reaches $531 million and all of it earmarked for Bitcoin.
Half a billy of a buy sure is nice and all that but the real story here is the new structure.
Metaplanet CEO Simon Gerovich introduced what it’s called a “first-of-its-kind mNAV clause.”
Their new warrants can only be exercised when the stock trades above 1.01x its modified net asset value — the ratio of the company’s market cap to its Bitcoin holdings.
Which means new shares can only be issued when doing so increases Bitcoin per share.
Which means shareholders can’t be diluted and every capital raise either adds Bitcoin or doesn’t happen.
Now I don’t quite know enough about the world of financial engineering to have a strong opinion one way or the other or what are the ways that this could go wrong but at this point we’re still at the vanguard of what Bitcoin is capable of in the world of Finance.
In fact, I’m sure there will be instruments that will be coming out for decades to come with a Bitcoin based strategy that we haven’t even conceived of yet.
But what we do know is the company now holds 35,102 BTC and is targeting 210,000 BTC by the end of 2027 which represent roughly 1% of Bitcoin’s entire supply.
Metaplanet is basically the “Asia’s MicroStrategy” play, but this capital allocation mechanism is arguably more sophisticated than what Strategy built because of it’s flywheel effect.
Bitcoin goes up, stock premium rises, warrants become exercisable, more Bitcoin gets bought, stock premium rises again.
Metaplanet has over 216,000 shareholders. Its stock is up 8,800% in two years.
Now granted the tax laws on Bitcoin were harsh, we’re talking 55% tax on gains in crypto, meanwhile the taxable amount on gains in equities, AKA stocks like Metaplanet means that the interest in that country has basically been funneled through Metaplanet as a proxy and there is word that, that will be changing in the future but for now it looks like Metaplanet will be safe there.
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Saylor and Strategy add to The Stack
Between March 9 and March 15, Michael Saylor’s company purchased 22,337 Bitcoin for $1.57 billion at an average price of $70,194 per coin. The total treasury now stands at 761,068 BTC with a cost basis: $57.61 billion and an average purchase price across all buys sitting at $75,696.
At $73,882 today, they’re slightly underwater on paper.
Now for Saylor this is a cake walk after the Dot Com bust his stock price fell 99% and kept on going and the thing is sentiment seems to be changing a bit around the crypto space from heavy “how low can we go” talk to “well it’s not so bad really”.
The real truth is that sentiment doesn’t ever just go from great to awful in one fell swoop.
It’s more gradual than that and this is when our patience and our opportunity really lie in Bitcoin.
And Saylor isn’t alone in his conviction.
Bitwise CIO Matt Hougan said this week: “The wildest thing about my $1 million prediction is that it’s not wild at all.”
He’s right. When you look at the math — Bitcoin’s fixed 21 million supply, the $10+ trillion that’s entered U.S. ETFs and corporate treasuries since 2024, and the trajectory of sovereign adoption — $1 million per coin starts to look less like a prediction and more like arithmetic.
FOMC meets Tuesday and Wednesday this week and rate decisions always spook markets short-term.
Heck Bitcoin dipped to $65,500 earlier this month when the Iran conflict escalated, then bounced back above $74,000 just today.
The pattern: dip on macro panic, recover on fundamentals.
Strategy bought through every dip. Metaplanet raised half a billion.
Institutions didn’t panic, they accumulated. Did you?
That’s what conviction looks like when it has a balance sheet behind it.
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