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.
Well, I guess you think that they are smartest people on earth. It’s not like they are above mistake, you know that right? So there is the possibility that they can be making a huge mistake by banning bitcoin in their country. They can’t be hundred percent perfect all the time. As for them banning bitcoin, I think that the reason they are doing that is because they have decided that it will be best for them to remove Bitcoin so that it is not going to be competition for their own central bank digital currency; the digital Yuan. They just want people to focus on making use of the digital Yuan only and nothing else.