"It's like a pyramid scheme in that so long as people keep buying in on the hope of a profit"
You just described any investment. FX market, stock market, housing, etc. It doesn't make them "pyramid schemes".
You just described any investment. FX market, stock market, housing, etc. It doesn't make them "pyramid schemes".
Yes, bitcoin benefits from having more people participating in it, but so does Facebook, so does Twitter, so does Youtube, so does the Internet, so does the US dollar, so does the stock market, etc etc etc. That doesn't make these all pyramid schemes.
Yes, it is a high risk investment, and yes you could lose 99% of your investment. If you don't have a tolerance for that kind of risk, then bitcoin shouldn't make up much (if any) of your portfolio.