China's 2021 ban didn't affect the crypto industry in any real way. Mining operations moved from China to the USA, a few irrelevant Chinese companies shuttered, and the industry continued business as usual.

The most influential crypto companies were already incorporated in the west.

are you trying to tell me that the world’s second largest economy banning cryptocurrency had no real impact on demand for cryptocurrency?

I wasn't referring to the demand for units of cryptocurrency on particular networks. I was referring to actual industry, i.e. the companies that are researching, improving, and selling the technology itself.

the industry is a result of the demand

Well, China's ban didn't negatively affect global demand enough that any relevant companies closed up shop. Just reporting to you what happened.

Most of these blockchain R&D companies (and their investors) are still in the bootstrapping phase anyways. They're looking ahead 3+ years before they expect their product to go parabolic, so the actions of one or two governments in the mean time is just noise.

if I wasn’t already convinced that crypto is a bad investment, I am now

I honestly don’t see how that follows from what I said. I would be curious to hear your reasoning.

Unless you mistakenly thought that the crypto industry has been built on solid foundational end-user demand for products this whole time.