《Yang Haipo: Bitcoin and Crypto Have Reached the Endgame》 Bitcoin has degraded from a currency with partial payment functionality to a purely speculative consensus asset, lacking productivity and external value support. Its security model is inherently contradictory to the 'long-term holding' narrative. Meanwhile, the crypto industry is essentially a negative-sum system with high costs and low external revenue, consuming tens of billions of dollars annually and relying on new capital to sustain itself. Currently, only a few hundred billion dollars in margin are supporting trillions of dollars in market value with high leverage. Once capital inflows slow down, the system will accelerate its contraction. In the long run, the industry won't disappear, but its scale will shrink to a level that matches real demand. Read the full article: https://(wublock123.com)/articles/yang-haipo-bitcoin-crypto-endgame-58829