With Bitcoin, there is no 'operator'.

Good point on this.

rather than from legitimate business activities or profit of financial trading.

I think the financial analyst/Buffer considered this part though. I suppose it's a Ponzi scheme with no operator? At any rate, I don't believe it's a Ponzi scheme, as I say in the footnote, I'm well aware that with BTC you're getting access to a global immutable ledger, however I'm not convinced access to a global immutable ledger should cost what it currently does.