Opponents are starting their battles.
Imagine gold fighting control issues by governments. And picture gold being vilified by investors. Bitcoin is electronic gold. The US and others classified it as personal property. So why are the Chinese and Jamie Dimon so concerned about it?
Bitcoin is a deflationary asset that JP Morgan can't make commissions on. Dimon was complaining that their trading profits were down 20%. His bonus depends on company magins.
The PBOC needs to print currency for quantitative easing of Chinas gargantuan debt. If no one wants the Yuan, there are little to no options to keep the debt from collapsing the economy. By limiting Bitcoins growth China can study how they might use some kind of crypto to their advantage.
Chinese investors must be in a world of confusion. Day traders will be getting out of Bitcoin since their abilityto do so and means to convert to Yuan will be gone. Investors are worried about how low the price will go creating some panic sell. Given China's debt issues, there will be a lot of OTC activity after the exchanges close. If the Chinese study how enery man, woman and Child in the US is saddled with nearly $400,000 of National Debt in addition to personal, mortgage and for some, student debt. They will want to own Bitcoin instead of their inflationary fiat.