In a recent speech defending the U.S. Social Security Administration (SSA), former Maryland Governor Martin O’Malley compared bitcoin ( BTC) to a Ponzi scheme, sparking an angry reaction from bitcoin supporters. Defending the SSA, which he claims has not missed a payment in its history, O’Malley suggested that the Trump administration, and billionaire Elon Musk in particular, are after its $2.6 trillion surplus.

Although the U.S. government currently lacks the authority to take the money, the former governor claims Musk and U.S. President Trump could still achieve this by turning the public against the SSA.

“They have their eyes on that [surplus], but they know that Congress would never allow them to take that money without a fight unless they turned enough of the public against Social Security,” O’Malley told a cheering crowd.

According to O’Malley, a Democrat, opponents will likely use lies, including claims that dead people are receiving payouts or that SSA itself is a Ponzi scheme.

Since starting its work aimed at cutting government spending, the Musk-led Department of Government Efficiency (DOGE) has sought extensive access to the Social Security Administration’s databases, which contain the personal information of millions of Americans. DOGE has also reportedly been involved in plans to cut Social Security staff and potentially close or shrink SSA offices.

However, DOGE’s desire to access sensitive data has riled some privacy advocates, who have responded by mounting legal action. In addition, a movement opposed to DOGE and the Trump administration’s policies has organized rallies to shore up public support for the SSA.

While the former Maryland governor’s remarks were intended to rally support for SSA, critics argue his bitcoin reference exposes the Democratic Party’s lingering distaste for crypto. After initially appearing to concede that crypto was a deciding factor in the last election, the Democratic Party has revived its opposition to digital assets, with their abrupt withdrawal of support for the stablecoin bill being the most significant move so far.

However, it was O’Malley’s Ponzi scheme remark that seemingly struck a raw nerve among bitcoin supporters, who responded by doubling down on claims that Social Security is, in fact, a Ponzi scheme. One social media user, Charles Durham, attacked what O’Malley touts as Social Security’s success.

“Unless you can prove to me that the money I contributed was invested and that I will receive that money back, it is the very definition of a Ponzi scheme. The only thing that keeps it from collapsing is the government’s ability to force new ‘investors’ to contribute,” Durham stated.

Another user, Dennis Connolly, said the only reason SSA has not missed a payment is that, unlike other Ponzi schemes, it relies on the government’s ability to print money to stay afloat.

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