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On Friday, Michael Saylor defended Bitcoin after former UK Prime Minister Boris Johnson described cryptocurrencies as a “giant Ponzi scheme” in a column.

In a Daily Mail column, Johnson argued that Bitcoin and other digital assets rely largely on belief rather than inherent value.

He said cryptocurrencies function similarly to a Ponzi scheme because their value depends on a steady flow of new investors willing to buy in.

“I have always suspected from the outset that all cryptocurrencies were basically a Ponzi scheme,” Johnson wrote, adding that such systems depend on “a constant supply of new and credulous…