Yang Haipo: Bitcoin and Cryptocurrencies Have Reached Their Endgame

Bitcoin has devolved from a currency with partial payment functions into a purely consensus-based speculative asset, lacking productive and external value support. Its security model and "HODL" narrative are inherently contradictory; at the same time, the crypto industry is essentially a negative-sum system with high costs and low external income, consuming hundreds of billions of dollars annually and relying on new funds to sustain itself. Currently, only a few trillion dollars in margin support a market capitalization of tens of trillions of dollars with high leverage. Once capital inflow slows, the system will accelerate its contraction. In the long run, the industry will not disappear, but its scale will shrink to match real demand. Read the full article: