As a typical representative of cryptocurrency, Bitcoin has been the focus of global attention regarding changes in its policy environment. The policy adjustments in different countries and regions reflect the complex trade-offs concerning cryptocurrency in the financial system, economic security, and technological innovation. The essence of the policy game surrounding Bitcoin is the conflict between 'free innovation' and 'controllable order.' In the short term, tighter regulation may lead to growing pains, but in the long run, clear rules will promote the industry's maturation rather than stifle its potential. The key is to find a balance: to prevent risks while allowing space for technological experimentation.