People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.
Do you think that China is controlling/ruling bitcoin yes or no?
They are not controlling bitcoin but what are they doing is a pure strategy that affects coin market. like we all know China is the world's largest bitcoin holder, in terms of business and strategy they are one of the best.
This is how China's looks into bitcoin
In China, bitcoin is one thing and in America and Europe it is another thing, Liao said as we sipped tea from porcelain cups on the villas top floor. Our host, Wu Bi, explains there is no competition between cryptocurrencies and the government-controlled renminbi, at least as the government sees it. In China our government says bitcoin is not a currency, it is a commodity, so there is no chance it will compete with the renminbi, Wu told me in Chinese, with Liao translating. Bitcoin is a great idea, but in China we care more about blockchain.
Wu and his Chinese compatriots are focused not on the currency, but on the technology behind it. Blockchain is simply a technical way to record encrypted transactions that are distributed across a computer network; once entered they cannot be altered. Instead of using blockchain, or bitcoin, as a permissionless cryptocurrency, banks want to shoe-horn some of bitcoins features into current transaction systems to create a low-cost network that, crucially, would require administrators to grant users access. Those administrators, of course, would be banks, or central banks. Different countries may have different ideas about what is government, and what is the liberty of individuals, Wu says.
source:
https://qz.com/1072907/why-china-is-so-hot-on-bitcoin/