Our country is cracking down on Bitcoin, will the price of Bitcoin face a big dump and become less and less valuable?

China has cracked down on Bitcoin three times in history.
For the first time, in December 2013, it was clearly stated that Bitcoin is not a currency, and Bitcoin fell in response, not recovering for 3 years.
The second time, in September 2017, it was clearly stated that financial institutions were not allowed to provide settlement services for trading firms. Since then, there have been no trading firms within China, and Bitcoin fell in response. However, this only lasted for a few months, and Bitcoin reached a new high again.
In the above two instances, the first one prevented Bitcoin from circulating in reality, and the second one restricted the exchange of Bitcoin and Renminbi.
The result is that Bitcoin is difficult to have an impact on transactions in the real world.
The third time, in July 2021, the mining ban, mining is merely a way to protect the security of the blockchain network. The crackdown on domestic mining can only weaken network security to a certain extent in the short term, and undermine market confidence, which is far less impactful than the previous two times.
In fact, most people are unaware that after the crackdown on mining in July last year, the overall Bitcoin network has reached a new high in hash rate.
Ultimately, the result is that domestic Bitcoin trading volume has shrunk, and China's influence on Bitcoin prices is becoming smaller.
Cryptocurrencies like Bitcoin are inherently cross-border, and the influence of any single country will only diminish.
Different countries have different national conditions, and it is very normal to have policies that are tailored to local circumstances.
So, in which country, abide by the laws of that country.
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