Which is a theory that predicts China WON’T clamp down, and further that the parent I replied to is wrong about the principal motivation?

China is not a singular monolithic entity though, and RMB -> USD conversion is heavily restricted, so both things can be true. The principle motivation for Chinese Bitcoin miners is to get USD/non-RMB fiat, while at the same time, the CCP doesn't crack down on Bitcoin mining as tacit approval of using Bitcoin as a long shot to dethrone USD globally.

Cool. But still, under this theory, should it become sufficiently clear crypto won’t dethrone USD, and crypto becomes enough of a way for wealth to leak out of China in a way that makes the CCP grumpy, would THAT predict a CCP clamp down on crypto? And if so, what might the thresholds and parameters be?