I think China is showing that state power is what backs up a currency, not just a conspiracy of quants moving numbers around. They’re ahead of the game in creating a usable, state backed crypto, which is probably the real futue of blockchain tech for currency, and they’re pushing out the punters before they get so rich they can’t be so easily done in. I dont think this move will backfire for China, and if we choose to go the other route and make crypto safe havens in the west, we could have a serious problem down the line.