Anyone can call it ponzi scheme and fraud but if you think of it, everything worldly is fraud. You buy apple products with thousands of dollars but how much are they really worth? Why would people give out thousands of dollars for a macbook when they can buy a laptop for $300? Is it really worth that much or is it just another ponzi scheme that apple is bringing to the world better gadgets than any other brands? So we're talking about bitcoin now. What are we really paying for when we buy bitcoin? We pay for an online program and the people running the program helping transactions go through, or we call mining. Miners put in so much time and most especially the cost of mining is so much. That is merely the reason why bitcoin will cost much and if incase it will dive too low and will not be enough to pay for miners, then that could be the time bitcoin will die, or not.
People say Bitcoin is not worth for its price tag because it doesn't do anything productive at the moment but if we really imagine what kind of things it can do the price might be much higher than the current price but the sad thing is what ever the intention that Bitcoin was build or created is no working at the moment because it has become an investment asset than a digital currency in today world so its productivity has been limited by greedy people