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>50% bitcoin mining capacity is already in China since like 2014 (unless something drastically changed).

The beauty of the PoW blockchain is that if a nation attains this kind of power, then still, the most profitable thing to do would be to keep playing by the rules. This is why bitcoin works.

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That assertion doesn’t necessarily hold. There’s political advantage to be gained by taking and holding that advantage so that it can be tactically trashed when it needs to be. Your comment implies that China would increasingly lean further in to supporting cryptocurrencies, when we know that they’re not a fan of tolerating things that even look they might try to challenge their authority any longer than it is advantageous for them.

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