There are two elements that make Bitcoin not a Ponzi scheme:

1. The fair issuance via Proof of Work mining

2. The freedom money use case, which empowers individuals who can’t use banks

If the governments regulate + monopolize no. 1, then hinder any chance at achieving no. 2, the only use case remaining is the “store of value” aka making more US dollars via speculation.

And this is what turns Bitcoin into a Ponzi: mining is only done by big players that governments certify & enable (they’ll say it saves the environment), nobody uses BTC as money anymore because it’s a nightmare from a regulatory point of view and it’s too traceable for freedom activists or “criminals” from authoritarian regimes.