It's a bit of a stretch to call it a Ponzi scheme IMO, but you could try to make the argument that all the early investors who got in for cheap/"free" are now c

It's a bit of a stretch to call it a Ponzi scheme IMO, but you could try to make the argument that all the early investors who got in for cheap/"free" are now cashing out with the money of new investors. But, the "Ponzi scheme" people are essentially engaging in name calling, because its definitely not a Ponzi scheme. There is no Ponzi (or Madoff) at the top running the scheme. Better to rationally call it what it is: an enormous ramp in the spot price driven almost purely by speculation. Some people say it's a classic bubble. Bitcoin already had one of these in 2011, this could be another. Some people say bitcoin is different than other commodities, that this is not a bubble, but more of a "tipping point" event where bitcoin has gained enough traction/attention that it is rocketing up to its "true" value. Pick your side, and if you're so inclined, place your bets.