Yang Haipo, founder of leading crypto institutions CoinEx and ViaBTC, declared in a Thursday blog post that the industry is headed for an unavoidable crash. He compared its structure to a casino, where exchanges are the house and miners maintain the floor. However, he noted crypto marketed itself as a financial revolution while operating a similarly extractive model.
Consequently, Haipo stated the industry incurs $60 billion to $80 billion in yearly operational costs with no meaningful external profit. “There is no link in the crypto industry that makes money from the outside world, it is pure negative sum game,” he wrote. He believes cryptocurrency won’t vanish but will shrink drastically from its trillion-dollar valuation.
The system has survived on sequential “blood transfusions,” according to his analysis. These included the 2017 and 2021 retail waves followed by ETFs and corporate treasury bets injecting $200 billion recently. Meanwhile, he claims this influx represented the last major buyer pool, not genuine adoption.
Haipo asserts the 2028 halving presents Bitcoin’s real trial. If the price fails to set a new record post-halving, panic selling could ensue. Bitcoin’s price edged 0.7% lower in the last 24 hours to around $77,700.

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