Given the latest development in geopolitics, I am totally not surprised that China is taking a favorable stance on crypto.

Newspapers fought the internet.
Radio fought the television.
Horse & Carriage fought the motor vehicle.
... so on and so forth. Innovation is denied until it is undeniable.

For the first time, Blockchain is shifting the Balance of power(sovereign power) from the state to the people in the true sense. This will only consolidate from here on.

The next bull cycle will be much more interesting, it again shifts to the very question of the decentralized asset more than the sophisticated use case of that asset. And that will give credence to Bitcoin.