Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.
How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?
A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.
China is well know for controlling everything, from restricting websites to all kind of weird prohibited things, and all of that because the government wants to be able to hold control all over its people, and with bitcoin they are not able to do that, they won't be able to see who is sending money to who and for what reason, and with bitcoin being decentralized they don't have any control over it, and maybe they are trying to make their own cryptocurrency to hold control over the transactions.