Bitcoin is really starting to resemble a pyramid scheme or penny stocks. No one can really cash out without people cashing in, otherwise the entire pyramid collapses. And the cult-like mentality of many Bitcoin holders does strike me as a multi-level marketing attitude. Just visit any forum or thread about bitcoin and there will always be that one person with some kind of tagline "it's not too late to get in!" which is a classic FOMO sales tactic. You know when the average person is getting into the market, we are in the late stages of the game.
When suckers enter, smart money leaves.
It's a very interesting technology which will continue to exist but it's really looks like an out of control bubble. In some ways it would be better for it to implode and get the snake oil salesman and sketchy white papers out of the ecosystem.
It used to be a really cool proving ground for cutting edge technologies but now it's looking more like rampant greed, excess and arrogance.