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.
It is not very surprising to be honest. China has been planning this for so long. Probably China is doing it on purpose. They are launching their own "digital currency". They probably see bitcoin as a threat to them. Once they launch their currency and test it out, they will highly likely make bitcoin legal again after making sure that it doesn't conflict with their own digital currency. And China isn't dumb. They are smart. Every move they make has a motive behind it!