This seems like an insane idea. Haki was introduced as a power that all strong fighters have, and something that is a requirement entering the New World. I will, however, present some arguments why Kaido doesn’t have, doesn’t want, or doesn’t need all three types of Haki.
1-Observation Haki: Having this ability is by far the best ability to have to detect more stealthy characters and it’s the most effective way to precieve attacks and dodge them. My argument against Kaido having Observation Haki is that he doesn’t need it, or probably want it either. The dude’s hobby is trying to kill himself and he’s failing miserably at it.
He doesn’t need to see incoming stealthy or non stealthy attacks to be able to defend against them. The question can arise from this: how would he fight against a character that has future sight, such as Katakuri?
Well, future sight can be countered by a high enough speed, or if you attack a large area making the opponent unable to dodge, which Kaido can probably do in his dragon form.
He was also shown to be insanely fast, being able to hit Luffy in his G4 form. It’s also arguable that Luffy saw the attack ahead of time, as implied by Luffy’s last facial expression during the fight. Making it harder for Kaido to beat Luffy in speed.
2-Armament Haki: Now this is just a must have ability to have, some people would say at least. It is nearly impossible to fight Logia users without having this ability, and he also knocked Luffy out, who is made of rubber, so he must have used Haki to do that, right?
Let me propose a different idea. Let’s not forget where Kaido set his base. We are in Wano, the place where sea prism stones originated from, and the place where skilled craftsmen can actually refine that shit. Also notice how Kaido used a weapon to knock Luffy down.
My theory is that Kaido’s weapon has sea prism stone in it, similar to Smoker’s weapon. Having a weapon like that makes it possible to fight against any devil fruit user. Also, with enough raw power and endurance, which Kaido seems to have, you don’t need Armament Haki for increased power and defense. The dude can tank everything, and is powerful enough without armament. I also want to point out the fact that Kaido was not shown to have a blackened skin when he took the kong organ from Luffy, while Big Mom was shown to use it to defend from his attack.
I don’t think this is proof positive to be honest, especially since Kaido being drunk might have had something to do with this, but it’s definitely a considerably good argument for my case. A counterargument I often hear is how Luffy used Katakuri to improve his Observation Haki, so the next logical step is improving Armament Haki against Kaido. But I don’t think that is necessarily the next logical step, or even if we accept that, I don’t think it necessarily needs to be against Kaido (since Luffy didn’t exactly improve his Observation Haki against Big Mom now, did he? Luffy might “level up” using a Calamity instead, if we really want to go there).
3-Conqueror’s Haki: This is the hardest one, and probably my weakest argument point in this post, because I don’t think the readers were shown the true extent of Conqueror’s Haki yet. I don’t think it just knocks down fodder, and I believe we will find out that it’s a power of a psychological nature, but that’s a theory for another day. The reason why I don’t think Kaido doesn’t have Conqueror’s Haki , is because it is implied that he doesn’t think highly of that ability.
Could be jealousy, could be that he just thinks it’s not a very strong tool. But from this I simply don’t think he has it. It could also be simply him holding a grudge against one or more Conqueror’s Haki users.
If a freaking legend such as Kaido is so powerful without Haki, that would mean that Kaido actually became one of the most fearsome creatures without using an ability that is widely considered to be necessary for entering the New World, which means he has some insane strengths to compensate them for. Makes me excited to find out the true extent of Kaido’s power. The lack of Haki can also be a small window of weakness for him, and imo he definitely needs one.
*Theory by gbBaku