As major countries such as the United States and Russia begin to embrace Bitcoin, many people think that China will follow suit. However, as an old man who has established a belief in Bitcoin in 2016 and has experienced major domestic events such as September 4 and May 19, I can tell you responsibly that China is unlikely to embrace Bitcoin, at least for a long time. The reasons are as follows:
First, China’s policies are continuous and will not change overnight in a short period of time (a few years or even decades).
Second, China is a country with foreign exchange and financial controls, and all aspects related to finance must be firmly controlled in its own hands, just like the Party commands the PLA.
Third, China is an industrial country, and its industrial products and large-scale infrastructure are hard currency, which can be exchanged for resources and energy in any country. This is fundamentally different from the United States, which is moving away from reality and toward virtuality, and Russia, which is under severe sanctions.
Therefore, even if all major countries in the world embrace Bitcoin, China cannot. If you have any other reasons, please add them in the comments section.