I'm holding BTC just so you know, but my question is why does the shutdown in China matter? I understand it temporarily reduces computational capacity and slows down some transactions because of that, but the whole thing I bought into is that this is a worldwide network and no one government can control it. So the blockchain just changes minors....right. Is there something more to this that I don't understand?
If you're asking regarding the price, it matters only occasionally and temporarily. In 2017, the price of Bitcoin went up to $20k for the first time, and then it started falling quite rapidly at the beginning of 2018. Apart from the general thing that the bull market always ends at some point and a huge correction comes, there was another factor contributing to the price going down fast: South Korea allegedly restricting operations of crypto exchanges. Then, when the price has been $7k-$8k for a while, there was Craig Wright pulling the price down to $4k. This time around, we have Elon Musk backing off from Bitcoin and China attacking miners. They contribute to the decrease of the price indirectly because people hear stuff and start panic selling. But eventually, I think Bitcoin will recover, just like it did after the previous bear market. It might take a couple of years, but it's not the end of the world. China is unable to cause permanent damage is what I'm trying to say here.