CMV: Bitcoin is being used as a pseudo-science pump and dump scheme.

Personally, I am not sure if bull or bearish on Bitcoin and crypto-currency, but I find the rather absurd valuations of Bitcoin and the arguments that are being made for it to be a sound investment to be extremely disingenuous and akin to pseudo-scientific misinformation. I realize that crypto-currenct has been around for several years, but the argument that it will become a valid currency because it is decentralized doesn't make much sense given the lack of regulation on crypto-currencies and the volatile nature of crypto-currencies being traded. I'm also skeptical of the notion of crypto-currency working as a social currency because it's not a currency that has any attention or respectability in mainstream economics, and despite its decentralized and anonymous nature it is still heavily reliant on the internet to do any form of transactions. While it's possible that crypto-currency could become more mainstream in the future, I also see the hype and misinformation surrounding Bitcoin to be akin to Multi-Level Marketing (MLM) and pseudo-scientific scams in the sense that they heavily rely on misinformation and exaggeration. The fact that Bitcoin is often compared to gold and tech stocks without any legitimate reason for comparison, and the absurd FOMO metrics of Bitcoin bulls proves in my mind that Bitcoin is a pseudo-scientific pump and dump scheme. The fact the same people that are investing in Bitcoin are tech moguls who also own millions and billions of dollars in stock and assets doesn't help Bitcoin's legitimacy in my eyes either.<br><br>&#x200B;<br><br>Edit: I just want to make one clear clarification before closing this thread, I personally am not for or against Bitcoin, I don't think Bitcoin has any practical utility and I think that the current price is overvalued, but I also don't want to dismiss what Bitcoin could be in the future. My purpose in posting this thread was to critique and challenge the current hype surrounding Bitcoin despite it having no legitimate attention in mainstream economics, and also to challenge assumptions that Bitcoin has attention in mainstream economics and that it could reach absurd heights like $100,000 because of irrational assumptions surrounding its value. My primary concern with Bitcoin bullhype is the lack of regulation and FOMO metrics of Bitcoin being used to pump and dump it. Despite my skepticism, I am open to considering that Bitcoin could be a sound investment in the future. However I think it's naive and disingenuous to assume that attention in mainstream economics and exponential growth can only be one sided. The fact that people are so certain that Bitcoin will continue to exponentially grow without any attention or respectability in mainstream economics is a valid reason for skepticism.