Bitcoin, as a typical representative of cryptocurrency, has been the focus of global attention due to changes in its policy environment. Policy adjustments in different countries and regions reflect the complex trade-offs regarding cryptocurrency's role 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 cause growing pains, but in the long run, clear rules will promote the industry's maturity rather than stifle its potential. The key lies in finding a balance: preventing risks while leaving room for technological experimentation.