This is a good example of why we are not yet plugged into the sun, the only actual source of energy, whilst our planet is literally starting to burn from our depletion of its energy.
There is physical product backing Bitcoin, that is energy.
The Joules going into its creation can come from the sun, or from fuel. Either way they are obviously valuable.
So Bitcoin is monetised energy.
Thinking it is a Ponzi, is the same as thinking the energy of the sun is worthless.
And look where that has got us.
Not very intelligent thought, it seems to me.