If you are a crypto journalist, do not use this post as a source for your "news" website. I'm simply a Chinese-speaking American talking Bitcoin "meta" in world politics. Nothing more nothing less.

First, please read this post I made in 2020: https://np.reddit.com/r/CryptoCurrency/comments/j4e2iz/the_state_of_cryptocurrency_in_china_if_anyone/

I see no immediate benefit to doing this, but I would say that maybe the CCP could open up a financial product similar to an American Bitcoin ETF in China far earlier than the 2024 US election. To clear up any confusion, the only bitcoin ETF that is within (technically) the territory of China is Hong Kong Special Administrative Region (SAR). Although Hong Kong belongs to China, there are elements of living there (such as its own currency, the Hong Kong Dollar (not the Chinese Yuan), pseudo-elections, and internet that is subject to far less censorship) that people there have access to. None the less, only people physically in Hong Kong, and a few rich-and-priveledged people from Mainland China, have access to this ETF.

Ever since China prohibited mining, buying, and selling, the most "optimistic" point of view I have held is, "The best thing that can be done is create 'non-custodial' bitcoin investment products where banks or another government approved institution in China allows its people to buy and sell bitcoin, and a few other 'specially approved' crypto assets through a means that financial institutions and only financial institutions can control." This is the only way it will happen. They will not let their own people take custody of it, because then the 'control' element is gone.

Again, I do not see the benefit of buying bitcoin, making an ETF out of it, and then making it a financial product to 1.3 billion Chinese people when the majority of the country follows Xi Jinping thought. De-dollarization is still taking place, which you can google search or simply ask the world's leading AI (https://prnt.sc/9b2LPFqtUvx9) and china manipulates the value of its own currency anyway.

On the other hand, everyone worldwide is watching U.S. political talking points, and we can't know what other world leaders are thinking when the topic of "bitcoin" comes up from a presidential candidate and / or that candidate's opposing party.

China is watching this from afar. What are Xi Jinping and his advisors making of both major American political parties addressing bitcoin and crypto?

Discuss. Please offer sober perspectives.

EDIT 1: multiple times to add clarity.

EDIT 2: nowhere in the OP did I mention this - China has been adding gold to its balance sheet for a while now, but it's hard to get a real read into what that means besides "diversifying away from the dollar." https://prnt.sc/IRxdUe9u3Pts