Going through some articles from the past. This one didn't age well.

From 2017

"At its root, bitcoin is a Ponzi scheme — it will stay afloat only as long as enough people buy the fiction that bitcoin represents real value. All other cyber currencies are Ponzi schemes, too, **except, arguably, initial coin offerings (ICOs)** funding actual business start-ups.

[ ..... ]

All Ponzi schemes eventually collapse, of course, when sufficient amounts can no longer be raised from new investors to pay off earlier investors.

The same will occur with bitcoin and all other cyber currencies, **except perhaps the ICOs**. Investors will pull back from buying cyber currencies, causing their prices to begin a sustained decline. "

https://thehill.com/opinion/finance/364306-bitcoin-is-a-ponzi-scheme-and-it-will-collapse-like-one/