Of course the market moves in a pump and dump cycle, but on longer time frames they don't really matter.
Bitcoin has had like 5 bubbles now, each one escalating the price 20x to 100x the former peak, anyone who bought the top only had to wait a maximum of 4 years before they were in around 20x to 100x profits. The bubble cycles of bitcoin clearly follow the supply shock every 4 years... the "halvening".
A lot of people dismiss bitcoin as only being interesting to speculators, but there are a large majority of people on the planet who can't even get bank accounts, as well as people like myself who want the state and its fake economy to crash... but we don't seem to exist to people like Warren Buffet. It's a global phenomenon, people in different countries need it for different reasons considering the draconian and scammy state/corporate controls on finances in many places.
Regarding the "pyramid scheme", that's a laughable claim made by someone who is either heavily biased or just has no understanding of the technology or the open manner in which its produced and distributed. The fiat economy is the biggest pyramid scam on the planet.
One reason I think people like Warren Buffet can't grok it is because they don't see any utility or value in something that exists outside and independent of the regulatory system, and probably wouldn't want to admit it publicly if they did... a permissionless, borderless way to store and transfer value seems fringe or even criminal, not beautiful and amazing to them, and this is a tough bias to get over when you are one of those kind of dudes...
Look at Andreas Antonopoulos work, he understands the technology very deeply as well as its economic implications, and is very good at explaining it. Here is a video of him addressing the "bubble" cycle of crypto as compared to other bubbles and assets classes:
www.youtube.com/watch?v=T1fyg2yxbZE
Bitcoin has had like 5 bubbles now, each one escalating the price 20x to 100x the former peak, anyone who bought the top only had to wait a maximum of 4 years before they were in around 20x to 100x profits. The bubble cycles of bitcoin clearly follow the supply shock every 4 years... the "halvening".
A lot of people dismiss bitcoin as only being interesting to speculators, but there are a large majority of people on the planet who can't even get bank accounts, as well as people like myself who want the state and its fake economy to crash... but we don't seem to exist to people like Warren Buffet. It's a global phenomenon, people in different countries need it for different reasons considering the draconian and scammy state/corporate controls on finances in many places.
Regarding the "pyramid scheme", that's a laughable claim made by someone who is either heavily biased or just has no understanding of the technology or the open manner in which its produced and distributed. The fiat economy is the biggest pyramid scam on the planet.
One reason I think people like Warren Buffet can't grok it is because they don't see any utility or value in something that exists outside and independent of the regulatory system, and probably wouldn't want to admit it publicly if they did... a permissionless, borderless way to store and transfer value seems fringe or even criminal, not beautiful and amazing to them, and this is a tough bias to get over when you are one of those kind of dudes...
Look at Andreas Antonopoulos work, he understands the technology very deeply as well as its economic implications, and is very good at explaining it. Here is a video of him addressing the "bubble" cycle of crypto as compared to other bubbles and assets classes:
www.youtube.com/watch?v=T1fyg2yxbZE