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When Bitcoin first spiked up around 2012 the cries of "tulip bubble" came from those declaring it worthless. But tulips never went through subsequent spikes growing each time as Bitcoin has.

The pattern of growth with Bitcoin and other cryptocurrency is not that of a ponzi or bubble. It's a mass adoption curve. Hundreds of millions of people worldwide now hold cryptocurrency, and the number is growing substantially every month. Microstrategy should now be entering the SP500, and with its focus on holding bitcoin that means everyone with an SP500 index fund will be invested in Bitcoin.

Bitcoin is scarce. Of course so are diamonds and other things, but bitcoin is also fungible, easy to transact with worldwide, cannot be counterfeited, is censorship-resistant, decentralized, and so forth. It is simply better money than worthless, non-scarce government fiat controlled by a cabal of elites (no matter how well intentioned). As such you will continue to see cryptocurrency grow until the old fiat currencies begin dying off.