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According to the Fortune Magazine article This Billionaire Just Called Bitcoin a 'Pyramid Scheme', Howard Marks said:

In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.

See also the Washington Post article Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme.

Wells Fargo's CEO had this to say:

Bitcoin is not only a "pyramid scheme," but it "makes no sense," Kovacevich told CNBC in a Tuesday interview. But to call bitcoin a fraud would be an error, he said, since "everyone knows what is going on" and nothing fraudulent is occurring. Bitcoin, in Kovacevich's view, is merely a "pyramid scheme" because bitcoin investors are, at the core, "betting that someone is going to buy it" at a higher price.

Source: https://www.benzinga.com/media/cnbc/18/01/11035375/former-wells-fargo-ceo-calls-bitcoin-a-pyramid-scheme

And from Jamie Dimon, CEO of JP Morgan:

In October, Dimon said at some point global governments will step in and crush cryptocurrencies if they ever get to the point where they pose a true threat to government-backed currencies. Dimon called investors who buy cryptocurrencies “stupid,” but acknowledged the price of bitcoin could get to $100,000 per coin before it ultimately collapses.

Source: https://www.benzinga.com/fintech/18/01/11008634/jamie-dimon-slightly-changes-tune-on-bitcoin-says-the-blockchain-is-real

Is bitcoin a pyramid scheme?

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    "Bubble" may be a more appropriate allegation than Ponzi scheme, if the claim is merely that something is overpriced. – Andrew Grimm Oct 22 '17 at 5:17
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    I'd upvote this question if it were written in a more neutral way. It is an interesting question whether bitcoin can be categorised as a Ponzi scheme, but it doesn't contribute to a serene debate to call it supporters “brainwashed” and the like. – DaG Oct 22 '17 at 9:31
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    You should review the definition of pyramid scheme here en.wikipedia.org/wiki/Pyramid_scheme. Bitcoin owners are not paid directly for recruiting others. – Paul Johnson Oct 22 '17 at 16:05
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    This is answerable now, so I've voted to reopen. I'm leaving my down vote because it shows no research effort. Compare "what is bitcoin" to "what is a pyramid scheme" will make it obvious. – fredsbend Oct 23 '17 at 14:57
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    This is much better now, but it still lacks a definition of a pyramid scheme, which leaves it opinion-based. "a willingness to ascribe value to something that has little or none beyond what people will pay for it." could describe all fiat money, e.g. the US dollar or the euro. By its nature, fiat money is inherently worthless. Calling fiat money a pyramid scheme is an opinion, not a statement of fact. – Brythan Oct 31 '17 at 2:30

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