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 has been very strategic for the past years and now that they are making a move again with relation to crypto, some people are seeing it as a wise move while some are seeing it as a mistake. China surely thought it through before they did it and for sure they have a back up plan or a hidden agenda why they did it. Each country has their reputation and their reason why they are rejecting bitcoin's regulation while some are already starting to legalize the use of it since they see it as something that will save them in the future. China is a huge and smart country, they know what they are doing for sure.
And they can always change their mind when they see a good opportunity for them. I believe what they are doing today is not their ultimate approach towards crypto. How many times in the past have they changed their stance towards crypto? Many times already. That's the reason why I am thinking that sooner or later, they will change again their stand on this. Some countries are legalizing the use of it, but there's a reason why they are very strict with crypto today.