Yes of course - but if backed by gov or big credible institutions - such ponzi survives - but private ones - will survive as long as it manages to recruit new fools - and keep the existing fools believing their paper wealth is in good place.
The millennials investing in ponzi cryptoshiet are about to learn investment 101. A lifetime lesson on why you should invest in things you really understand and have some control over. They will wish they bought a condo in Florida or some tropical island as their cryptoshiet goes down with gov crackdown.
Most aspects of society is build on ponzi architecture. Good example are pension schemes which are unraveling as demographics get unfavourable.
Nothing begets big returns right now as crypto. Boomer stocks are dead. Younglings are all into crypto and sniping a couple of memme stocks they can create momentum using minimum effort.
Cryptocurrency is still very nascent.
There seem to be a familiar path most innovation takes i.e. inception, beta testing (I believe cryto lies somewhere here), flourishing, gov regulation, death, move on to next ponzi...
Fiat, population/economic growth, and old pension schemes is pretty much on life support as we speak..