Does “Chinese bitcoin timebomb” exist?

[GrLinkey]

The powers of China prohibit using cryptocurrencies for their citizens, but at the same time, if I am not mistaken, they allow mining them. And because the electricity is cheap in China, a big amount of bitcoins has been mined; I have heard, that currently the majority of bitcoins belongs to Chinese people. Sorry if I am mistaken; if not, I’d like to know whether these bitcoins belong to PRC government or to small businessmen (but maybe this is not important, if it is easy for the PRC authorities to confiscate the bitcoins).
If this is true, this means that when bitcoins will cost a lot – China will rule the world. And this is quite bad, so it will be better if the users of cryptocurrencies switch from bitcoins to a newer cryptos (the status of the major cryptocurrency will switch from btc to another one which has not been mined in PRC). What do you think?

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[Hispo]

Well. I believe it would make sense the government of China or some politicians there to hold Bitcoin in some degree.
But in my opinion, China is already in a position where they have much power on the west by holding other kinds of assets and mineral resources which are completely unrelated to Bitcoin or cryptocurrency. For example, we could take a look at the Chinese holdings of United States debt.



Source: In the image.

If China truly wanted to damage the economy of the United States and also of her allies, then they could easily do so by dumping all those debt bonds into the market and make the economy of the west to suffer.
Viewing how geopolitics work, to me it would seem that one needs more than just a bunch of Bitcoin at high prices to literally take over complete international markets. The United States could pass laws to reduce the influence of the Chinese monopoly in manufacturing, as Donald Trump intended, for example.

[kentrolla]

China is already in a position to change the course of crypto world as a huge chuck of Bitcoin has been mined there and also whether it belongs to the small/medium businesses or government doesn't matter as PRC can confiscate it anytime they wish as you have rightly mentioned but I don't think they will leverage these holdings to do damage to western economy or messed up the ecosystem but they hold lot of other resources through which they can do it and Bitcoin is just an addition to the list. PRC is cruel they can do anything without any conscience. 

[GrLinkey]

China is already in a position to change the course of crypto world as a huge chuck of Bitcoin has been mined there and also whether it belongs to the small/medium businesses or government doesn't matter as PRC can confiscate it anytime they wish as you have rightly mentioned but I don't think they will leverage these holdings to do damage to western economy or messed up the ecosystem but they hold lot of other resources through which they can do it and Bitcoin is just an addition to the list. PRC is cruel they can do anything without any conscience. 

This is all difficult and related to each other. As far as I know, North Korea has already developed nuclear missiles which can reach USA, and this is done by the Chinese money - PRC supports the NK and provides it food, without this support the NK would hunger. The same with Putin...
I hope that one day the USA businesmen who invested PRC most - will be punished...

[DeathAngel]

Seems China is already backpedaling on its Bitcoin ban (yes the most recent one during the last bull market). Probably following the lead of the United States, I have been reading that Hong Kong will soon be listing spot etf products. I think they will pivot & allow retail to buy Bitcoin again but with some restrictions. There is nothing good that comes from cutting yourself off from Bitcoin long term.