Crypto Veteran Michael Sees Bitcoin Momentum Defying China Ban

China’s restrictions on cryptocurrencies reflect a deeper conflict between Beijing’s capital controls and Bitcoin’s borderless, decentralized design. Authorities began tightening oversight of token offerings and domestic exchanges in 2017, before declaring cryptocurrency-related transactions illegal and intensifying a mining crackdown in 2021. The measures pushed miners and businesses overseas, helping shift the industry’s center of gravity and global computing power away from China.

Speaking at the Bitcoin 2026 conference in Las Vegas, crypto veteran Michael said China’s ban should be viewed as a structural consequence of its commitment to controlling capital flows, rather than a temporary regulatory cycle. He argued that Bitcoin’s global expansion is now irreversible, even as the mining-power hub has moved from China to the US since 2021. Hong Kong, however, could still capture Web3 investment through clearer regulation and its role as an international financial center.