It doesn't burst because it's not actually a ponzi scheme.
"The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds"
I believe this holds as I don't think most of the investors understand crypto. It is a magic black box so they don't know where the value comes from.
Bitcoin failed as a general currency but apparently banks are using it to settle accounts amongst themselves. Sometimes things develop in the most unintuitive ways.
> I believe this holds as I don't think most of the investors understand crypto. It is a magic black box so they don't know where the value comes from.
I don't think this is evidence of any scheme. It's just irrational market behavior.