While I do think it was dumb for the Chinese government to shut down a substantial amount of hash power within their boarders, I don't think it was done out of arrogance. The Chinese are masters at playing the long game, they have extremely low time preference. It may seem short sighted to crack down so fast and hard on mining, but I'm certain they have thought this out. Maybe they simply saw bitcoin as a threat to their coming CBDC or maybe they have other intentions. Only time will reveal what their true motives are. Either way, don't underestimate the CCP and their ability to wait a long time to get what they want.。