[ardy42]

> China gains no benefit from destroying Bitcoin; they can just continue to let it exist and tax all the Bitcoin miners in China, generating revenue for themselves and their citizens and continuing to be a thorn in the side of dollar hegemony.

That's making a lot of assumptions which I don't think there are good grounds to assume. For instance, that Bitcoin tax revenue is something the Chinese government cares enough about for it to affect its decision-making, or that Bitcoin is a "thorn in the side of dollar hegemony."

I think the reality is that Bitcoin (and cryptocurrency in general) is a niche thing that isn't nearly as important as its fans like to think it is, so there's little for a state-actor to gain by making the effort to disrupt it.