Former UK Prime Minister, Boris Johnson, has described Bitcoin (BTC) and other cryptocurrencies as a "giant Ponzi scheme" and warned that the digital asset industry depends largely on belief rather than intrinsic value. He cited a personal experience involving a man who initially invested in Bitcoin with the promise of doubling his investment, but lost about £20,000 after years of confusion and fees associated with recovering his funds. The former prime minister also questioned whether Bitcoin has any underlying value at all, comparing it to traditional currencies that historically derive value from the authority of governments. However, Strategy, the largest publicly traded Bitcoin treasury company, responded by criticising Johnson's statements.