Hello,
a raster really is a point cloud whose x/y coordinates lie on a perfect grid. Obviously you will never get the original LiDAR (or photogrammetry) points back back if you want the DTM to be represented by a point cloud format instead of by a raster format then you can do the following if you have a DTM in BIL, ASC, DTM (from "FUSION") or XYZ format:
las2las -i dtm.bil -o dtm.laz
las2las -i dtm.asc -o dtm.laz
las2las -i dtm.dtm -o dtm.laz
If you have the DTM in any other format such as TIF or IMG then you'll first have to use GDAL / QGIS to convert it to the BIL format and then use the command shown above. I've been repeatedly told that the LAZ format is one of the most compressed *raster* formats there are. Here a little demonstration of how much smaller a raster in LAZ format can be compared to TIF, IMG, BIL and ASC formats. In this example it's only 36% the size of the next smallest raster, the TIF format.
las2dem -i ..\data\zurich.laz -step 0.2 -spike_free 0.6 -o zurich.tif
las2dem -i ..\data\zurich.laz -step 0.2 -spike_free 0.6 -o zurich.img
las2dem -i ..\data\zurich.laz -step 0.2 -spike_free 0.6 -o zurich.bil
las2dem -i ..\data\zurich.laz -step 0.2 -spike_free 0.6 -o zurich.asc
las2dem -i ..\data\zurich.laz -step 0.2 -spike_free 0.6 -o zurich.laz
e:\LAStools\bin>dir zurich*
04/09/2018 02:03 PM 1,750,616 zurich.asc
04/09/2018 02:02 PM 1,000,000 zurich.bil
04/09/2018 02:02 PM 77 zurich.blw
04/09/2018 02:02 PM 225 zurich.hdr
04/09/2018 02:02 PM 1,034,824 zurich.img
04/09/2018 02:03 PM 189,730 zurich.laz
04/09/2018 02:02 PM 77 zurich.tfw
04/09/2018 02:02 PM 524,142 zurich.tif
Regards,
Martin @rapidlasso