There is, at least, some demand for crypto that relates to real-world economics. It's an excellent intermediary currency. People use it successfully in hyper-i

There is, at least, some demand for crypto that relates to real-world economics. It's an excellent intermediary currency. People use it successfully in hyper-inflationary countries and people use it to bypass currency transfer difficulties. These are definite and real use-cases. The rest of the demand looks like pure and simple speculation based on faith that the other various claimed uses will come good, i.e. a ponzi. It's not a complete ponzi, but I'd say about 80% of it is.