The lack of seriousness in this article is shown by how quickly you dismiss the comparison to gold with the specious argument that gold has some inherent value (jewelry). The percentage of people who purchase gold (as an investment) because it can be used for jewelry is infinitesimally small.

Moreover, most investors (and financial planners) who incorporate gold into their portfolio do not do so by owning the actual metal. Buying gold bars or coins is difficult, and storing (much less using or transporting) is hugely challenging. Instead, gold investors (who number in the millions) buy gold funds or ETFs. So, tell us how a gold ETF or fund is any less a "Ponzi scheme" than bitcoin? A gold ETF is literally nothing more than a bet on price appreciation. There isn't a single other use of a share of a gold ETF, and yet I don't see any articles criticizing investors (or financial planners) who invest a portion of their assets in a gold fund as participating in a Ponzi scheme.

Don't take my word for it; just follow the actions of large institutional investors and financial services companies who are investing huge sums to establish a presence in this space. That's not something typically characteristic of a Ponzi scheme....