If you compare with other asset classes, you'll find a crisis of legitimacy in all of them.
Cash: Not backed by anything but literal 'trust' in the government. It's fiat, and has been since 1971.
Government Bonds: similar to cash, also relies on the trust and "too big to fail" ethos.
Houses: Greater fool theory. People realized they can simply ban building them to make theirs worth more, as the remaining home supplies are in far-off, economically irrelevant (undesirable) areas.
Stocks: Over 90% are owned by the top 10%. Someone had to make it to sell it to someone else, just like crypto.
Stocks generate rent and so do houses. That is why these things can continue to grow in value without being called ponzi schemes, though there are certainly speculative phases for both. To compare these things with cryptocurrency is to show a profound misunderstanding of investment. Cryptocurrency does not generate any rent, the sole reason you buy Bitcoin is because you think you might find a greater fool to buy it from you for a higher price. This is identical to how ponzi schemes function
Cryptocurrencies do generate rent. You can lend them and collect interest on it.
Houses don't grow in value because they generate rent - they are deteriorated by residents and need permanent investment in repairs to hold their value. Instead, they grow in value if their environment and surrounding infrastructur improves because more people will want to live there and offer a higher price.
Likewise, if more merchants accept a coin, the coin is more valuable because its more flexible.
Cash: Not backed by anything but literal 'trust' in the government. It's fiat, and has been since 1971.
Government Bonds: similar to cash, also relies on the trust and "too big to fail" ethos.
Houses: Greater fool theory. People realized they can simply ban building them to make theirs worth more, as the remaining home supplies are in far-off, economically irrelevant (undesirable) areas.
Stocks: Over 90% are owned by the top 10%. Someone had to make it to sell it to someone else, just like crypto.