Boris Johnson just wrote that Pokemon cards are a better investment than Bitcoin. This is not satire. This is a real column in the Daily Mail.
His evidence? An elderly man from his village gave £500 to a stranger in a pub who promised to double it. After 3.5 years and £20,000 in "fees," the money is gone. Boris concludes: Bitcoin is a Ponzi.
Bitcoin didn't steal this man's money. A con artist did. That's like calling the dollar a scam because someone got robbed at an ATM.
What Boris left out:
1. Bitcoin is a $1.42 trillion asset with $62 billion in daily volume
2. It runs on a fully transparent public blockchain anyone can audit
3. It has outperformed every fiat currency on Earth over any 4+ year window
4. The British pound has lost over 99% of its purchasing power since the Bank of England was founded
Boris argued that money needs "Caesar's image" on it to have value. He used a Bible parable to defend central banking.
The former PM of a country that saw 11% inflation, a gilt market crisis, and a currency that buys less every year is calling the hardest money ever created a Ponzi. While comparing it unfavorably to Pikachu.
You can't make this up.
His evidence? An elderly man from his village gave £500 to a stranger in a pub who promised to double it. After 3.5 years and £20,000 in "fees," the money is gone. Boris concludes: Bitcoin is a Ponzi.
Bitcoin didn't steal this man's money. A con artist did. That's like calling the dollar a scam because someone got robbed at an ATM.
What Boris left out:
1. Bitcoin is a $1.42 trillion asset with $62 billion in daily volume
2. It runs on a fully transparent public blockchain anyone can audit
3. It has outperformed every fiat currency on Earth over any 4+ year window
4. The British pound has lost over 99% of its purchasing power since the Bank of England was founded
Boris argued that money needs "Caesar's image" on it to have value. He used a Bible parable to defend central banking.
The former PM of a country that saw 11% inflation, a gilt market crisis, and a currency that buys less every year is calling the hardest money ever created a Ponzi. While comparing it unfavorably to Pikachu.
You can't make this up.
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