Bitcoin, as a global digital asset, has experienced multiple regulatory storms, the most notable of which are three major policy crackdowns from China. These events not only showcase Bitcoin's resilience but also reveal its essential characteristics as a decentralized asset.

In December 2013, China first made a clear statement, denying the currency status of Bitcoin, cutting off its potential for circulation in the real economy. This blow led to a sharp decline in Bitcoin's price, and the market took three years to recover.

In September 2017, China further tightened its policies, prohibiting financial institutions from providing settlement services for Bitcoin transactions, leading to the closure of domestic trading platforms. However, the impact of this crackdown was relatively short-lived, as the price of Bitcoin reached new highs within a few months, demonstrating the market's increasing adaptability to the policies of a single country.

In July 2021, China implemented a mining ban, which seemed like the most severe blow. However, in fact, this crackdown had the most limited impact on the Bitcoin network. The global shift of mining activities has proven the flexibility and decentralization characteristics of the Bitcoin network, and the total network has now recovered and reached a new high in hash rate.

These three events reveal a key fact: the cross-border nature of Bitcoin is diminishing the influence of individual countries' policies. As China's market share shrinks, the role of the global market in Bitcoin pricing becomes increasingly prominent.

At the same time, the development of blockchain technology globally has not stagnated. Countries are exploring innovations such as stablecoins and the tokenization of real-world assets (RWA), which could bring long-term benefits to the digital asset industry.

However, regardless of how Bitcoin develops in the future, complying with the laws and regulations of the country in which one operates is always the baseline for participants. In this rapidly changing field, it is crucial to maintain vigilance and compliance awareness.

Recently, changes in the global macroeconomic environment, such as the potential restart of the interest rate cut cycle by the Federal Reserve, have brought new opportunities and challenges to the cryptocurrency market. Investors are closely monitoring the possible impacts of these macro factors on various digital assets.