Well it depends on how you viewed it, how you see it.. maybe to some yes it is, but for some it is not, because no matter how ridiculous it is there are still people who believe on it, accept it and invest in it because they see in the past how people profit from it, and how bitcoin affect the ones' economy, people and community. It was made with a purpose and those who believe on it benefit from it as well.
You talk about Bitcoin like it is something, like it is an actual thing or even a person: "see it", "believe in it", "invest in it", "profit from it", "benefit from it". Unfortunately Bitcoin is just a fancy name for changed digits in a distributed spreadsheet, it is just a mathematical abstraction, and not an actual thing. Actual things don't appear or disappear by changing digits. People profited or benefited from other people's actual things like dollars, goods or services, not from changed spreadsheet digits. No one can benefit from that. No one can benefit from Bitcoin.