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.
The Chinese government is worried about bitcoin competing with their newly issued CBDC. Of course bitcoin is bigger than any single country and is the new world standard of finance (only if they understood) and in time China will recognize that it's a setback for any person, institution, or country to shun bitcoin.