Originally Posted by adultinnovation

BitCoin is a pyramid scheme.. as all Crytpos are.. It's just pump and dump
Just make sure to get in and cash out your profits before it collapses.
It’s a ponzi because for the price to keep going up (faster than inflation) it needs new adopters. When there are no more new adopters, price flatlines.
A lot of smart people got in on this early and were great at advertising to suckers and mainstream buyers with FOMO to boost their money. For every person who is able to play the market and make money, there are a lot of normal medium to low income people who are buying the hype during price surges then losing money on the declines. Yes, there's institutional investors, but who do you think are buying the ETFs? For all the talks of virtue by the early bitcoin supporters, they are actually just using this as a wealth transfer mechanism from the working class to those smart enough to have gotten in early. At some point this mass insanity will stop and things will crash, but it will continue to go up before that happens and there is still lots of big easy money to be made.