I would argue that, while both crypto and stocks are speculative assets whose value continues to grow due to greater fool theory, stocks either pay dividends or

I would argue that, while both crypto and stocks are speculative assets whose value continues to grow due to greater fool theory, stocks either pay dividends or come with the expectation of eventually paying dividends. This means at least part of the value of a share of stock can be accounted for as the summed present value of all future dividends from that share. Most crypto assets don't pay dividends, and those that do usually pay by devaluing the currency through some staking scheme, instead of by extracting profit by selling something valuable to people. Given those premises, I'd argue that stocks like AAPL or TSLA are part speculative asset (what you're calling a Ponzi scheme), while most crypto is all speculative asset.