It's not as simple as it seems, because as the article says, China has the ability to harm the US, but if it goes in that direction, it will harm itself as well. Simply put, China depends on the US and vice versa, and all this pressure from the US is just an attempt to reach agreements that will be more favorable to the US than they have been so far.
Cohn added that China depends on keeping the renminbi (RMB) weaker than the US dollar to keep its exports cheaper and more attractive for American buyers. To do this, China has kept buying US debt for years.
As for China's investment in Bitcoin, I think this is just one possible interpretation by one of the people from BlackRock who obviously want to emphasize the possibilities of investing in BTC even more, considering that they are doing great with their BTC ETF. However, whatever the economic situation on the global markets, I would not agree that China will just decide to invest in BTC, given that they are fanatics who are obsessed with control, and how will they control something that is decentralized and also largely depends on mining farms and various companies located in the US?