China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.
There are many different hypotheses and conspiracy theories. Some of them have proofs, and some are so insane that I dont even know how this could be thought of.
I agree with you, and I have the same opinion about Bitcoin. In my opinion, this is the most rational explanation for everything.