Background: Market Turmoil and Public Doubts

In March 2025, the cryptocurrency market is in a state of turmoil. In February and March, the price of Bitcoin (BTC) fell from a high of $108,000 at the beginning of the year to $78,000, a drop of over 27%, and the total market capitalization shrank from $3.5 trillion to $2.6 trillion (Source: AICoin). The meme coin market was particularly brutal, with $CAR (reportedly launched by the President of the Central African Republic) plummeting 97% within 48 hours, evaporating nearly $900 million in market value (Cointelegraph, February 12, 2025). Additionally, meme coins supported by Argentine President Javier Milei led to losses for 86% of investors, totaling $251 million (Cointelegraph, February 20, 2025). These events sparked intense debate among the public about whether Web3 is a "massive scam."

Web3, as a decentralized internet vision based on blockchain, promises to give users control over their data and reshape the digital economy. However, recent market crashes and high-profile scams have raised questions about its true value.

Analysis of Multiple Perspectives

Skeptics: Web3 is a Speculative Bubble and a Hotbed for Crime

Skeptics argue that the idealism of Web3 has been drowned in speculation and fraud, with recent events further exposing its vulnerabilities.

• Criticism from Traditional Financial Giants Warren Buffett: The Berkshire Hathaway chief labeled Bitcoin as "non-productive" at the 2022 shareholder meeting (CNBC, April 30, 2022). In 2025, he reiterated this view, stating that the decline in the cryptocurrency market validated his judgment of its "lack of intrinsic value."
• Jamie Dimon: The CEO of JPMorgan stated in a January 2025 CNBC interview that Bitcoin is "primarily used for money laundering and sex trafficking," and that Web3 is merely a "hyped scam" (CNBC, January 17, 2025). He pointed out that the collapse of meme coins is clear evidence of market irrationality.
• Warnings from Economists and Media Paul Krugman: The Nobel laureate referred to cryptocurrencies as "postmodern pyramid schemes" in a December 2024 article (Paul Krugman Substack). In March 2025, he further commented that the decentralized vision of Web3 has proven to be a fantasy, and the collapse of meme coins is just the tip of the iceberg.
• Bloomberg: An analysis on March 1, 2025, pointed out that the market decline was due to macroeconomic pressures (such as tightening Federal Reserve policies) and regulatory uncertainties, with Web3's "casino attributes" deterring investors.
• Public Opinion from Influencers @smdiehl (over 100,000 followers): A post in February 2023 claimed "cryptocurrency is all a scam," and in March 2025, he continued to criticize Web3 as an "organized crime tool," believing the collapse of meme coins was inevitable.
• @Mist0017 (over 20,000 followers): A post on March 8, 2025, stated that Bitcoin is a "Ponzi scheme," and that the decentralization of Web3 is merely a facade, urging investors to stay away.

Optimists: Web3 is the Cornerstone of a Technological Revolution

Optimists firmly believe that despite short-term volatility, the underlying technology of Web3 still holds immense potential, and market adjustments are a necessary path for growth.

• Confidence from Industry Leaders Cathie Wood: The CEO of Ark Invest stated in a March 11, 2025, Coingape interview that the current decline is a "healthy adjustment," predicting Bitcoin will reach $1.5 million by 2030. She believes that Web3's blockchain technology will reshape finance and the internet.
• Michael Saylor: The founder of MicroStrategy tweeted on February 15, 2025, that "buying Bitcoin strengthens the network, selling weakens it," as the company increased its holdings to 226,500 BTC. He views Web3 as a "tool for power balance."
• Vitalik Buterin: The Ethereum founder, while not directly commenting on the recent crash, emphasized in a 2024 interview that the long-term value of blockchain lies in decentralized innovation, not short-term speculation (Noahpinion).
• Support from Institutions and Data Security.org Report: Data from January 31, 2025, showed that 28% of American adults own cryptocurrency, and institutional interest (such as ETF approvals) continues to rise, predicting Bitcoin could reach $200,000 by the end of 2025.
• Coinpedia Analysis: A report on March 1, 2025, noted that whale investors were buying at the lows, indicating a potential market rebound by the end of March, and that the actual applications of Web3 (such as DeFi and NFTs) still have room for growth.
• Optimistic Voices from Influencers @APompliano (over 500,000 followers): A post on March 10, 2025, stated that despite the fear index reaching "extreme fear" at 17, Bitcoin is still up 20% compared to the same time last year, advising investors to focus on long-term trends.
• @KRISHNA_20397 (over 50,000 followers): A post on March 4, 2025, stated that the technological foundation of Web3 is solid, and short-term declines do not change its value.

Neutral Perspective: Value and Risk Coexist

Some voices argue that Web3 has both potential and risks, with its future depending on regulation and technological advancements.

• Cointelegraph: A report on February 21, 2025, noted that Solana user activity dropped nearly 40% due to meme coin "rug pulls," with funds flowing to Ethereum and Arbitrum, indicating a crisis of trust in the market. However, the article also pointed out that blockchain technology itself still has application prospects.
• @krystalball (over 176,000 followers): A post on January 20, 2025, labeled some projects as "pyramid schemes," but did not deny the value of Bitcoin, reflecting a dual attitude.

High-Profile Cases

• $CAR Collapse: The meme coin supported by the President of the Central African Republic plummeted 97% within 48 hours, evaporating $900 million in market value, highlighting the celebrity effect and speculative risks (Cointelegraph, February 12, 2025).
• Argentine Meme Coin: 86% of investors lost $251 million, while insiders made $180 million, revealing issues of "insider trading" (Cointelegraph, February 20, 2025).
• Bybit Hacking Incident: In February 2025, the Bybit exchange was hacked, resulting in a loss of $1.5 billion, exposing the vulnerabilities of centralized platforms (Reuters, February 24, 2025).

Conclusion and Outlook

Web3 is not merely a scam, but its value remains to be validated. Skeptics view it as a speculative bubble, while optimists emphasize its technological potential. The recent market downturn and the collapse of meme coins have exposed speculative risks, but institutional interest and blockchain applications indicate it is not without value. In the future, Web3 needs to shed its "casino" label through improved regulation, technological advancements, and practical implementation. For investors, cautious participation and attention to long-term trends are key.

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