There is some truth in this. We are seeing this happen right now when people are buying alts instead of bitcoin because of BTC price being to high. However I see btc to climb new mountains since it is still the one pulling the strings of the whole market as alts are related to it.
Bitcoin looks like a GIANT SCAM/FRAUD
It is not a scam, problem is that there are to many scams in the crypto field but that's by itself is for another topic. Everybody see opportunity and want to play others for their own benefit, this is why we see Facebook even banking crypto adds, simple because there are a lot of people who are trying to milk others money because not many people understand what btc is.