Not many people in China still hold Bitcoin. The ones left are all hardcore. This isn’t 2017 anymore, the days when holding a conference could change things are long gone. The higher-ups probably think too much money is flowing out through USDT. So much that it’s affecting the core asset prices in Beijing, Shanghai, and Shenzhen: housing prices. That’s their core interest. But honestly, even without capital outflows, prices would still drop. Who’s going to spend money on old houses? Young people these days aren’t stupid. They’re not even having kids anymore, so you can’t control them. Houses, cars, antiques, Moutai—these are all old-money assets. Bitcoin, crypto, stablecoins—these are young-money assets. Old-money assets are heavy, young-money assets are light. Old money wants to suppress young-money assets to boost old-money assets. Might as well sell off old-money assets and embrace young-money assets. Times have changed, my friend.