This would automatically shift demand to digital gold, aka Bitcoin. If that happens, you can expect China to take action restricting purchases of Bitcoin in some time. So a short and quick raise in bitcoin's price would be followed by a dump. 
not that gold fans would switch to btc en masse, but if they did then that's exactly what would happen.
enough people seem to think bitcoin exists in a vacuum where no outside pressure applies to it, but it's interlinked with normal banking and businesses so it's equally easy to deter the vast majority who would otherwise consider it.