they banned it like 7 times in the last 10 years
probably not
Discussion
They banned it so they could buy it.
I was wrong to say they own more, but they are neck and neck with the US. They can play this game.
no way
at best chinese discourse on bitcoin is stuck in 2016; they can barely describe what a utxo is -- the chinese translation for bitcoin-qt still sucks ass (just open up the coin control dialog) obviously no one cares enough 🤷
the best attempt any chinese made at stacking bitcoin was probably taking the wrong end of the fork 😤
I'm sure you're right.
from my perspective that fund is doing a great job selling a product to capital allocaters/investors in predominantly western markets by presenting the valuable opportunity bitcoin offers to busting sanctions -- steering them to acquire more bitcoin or buying their fund.
said another way, their report presents the staggering growth of bitcoin. an indication that some russia/china oil trade settles in Bitcoin fits that narrative well.
someone in china sending sats for oil ultimately doesnt help chinese acquire more bitcoin or keep more of it -- even if directed by the state.
whether or not theres a grand strategy by the chinese state to get on the bitcoin leaderboard, i havent a clue. game theory says it'll happen eventually, but right now?
🤷
I think it's a "who knows" for most natuon states. The Russia-China thing was an interesting test. If they can easily convert the sats back into their local currencies, we'll likely see more of this sort of thing.
I've learned over the years to not expect things to happen fast or smoothly. More likely there will a lot of economic disasters around the world as the dollar collapses, but even that could take a other 15 years.
im not familiar with the Ruble, but by comparion it's not easy at all to get CNY/RMB for Bitcoin because of capital controls (which bitcoin falls under). their tiered permissioned system of capital controls where its easier for some and harder for others to move currency beyond phyical and digital borders works against the radical individual empowerment of bitcoin, hampering its adoption.
its hard to come to the conclusion that nationstate adoption is happening in the communist state when simple things like exchanging bitcoin for a Chinese bank transfer or Alipay/Wechat Pay haven't improved and arguably worse because of restrictions. the whole hat-on-head-take-selfie-for-kyc feels like a phenomenon that started in China during the heyday of p2p lending.
some countries hamper bitcoin adoption, most take a hands-off approach, and some embrace it. i tend to think a nation taking bitcoin seriously would actively embrace it in as many avenues as possible. If there was a leaderboard for "nation with most hostile acts against Bitcoin" China seems adamant in keeping that top spot
it is easier to get dollars for bitcoin than any other currency; there's no competition on that front. there's all sorts of flavors of digital dollars. its not hard to see which currency hampers bitcoin adoption and which one helps it along