I don't know enough about cryptocurrency, but I wonder about the following:
Gold is physical asset, USD is backed by the US Govt, what is behind bitcoin? What is the inherent value in it?
We see memecoins rise in value and subsequently become totally worthless, why?
Stablecoins are stable in name only, we don't actually know if the organizations behind them are actually holding the requisite assets. Terra called itself a "stablecoin", where is it now?
Crypto is still not able to be traded freely on well regulated markets (FTX comes to mind).
Crypto is still not really a usable medium of exchange.
The power required by bitcoin for 1 transaction is equivalent to 100,000 Visa transactions, there is simply not enough electrical power to mass adopt crypto. Even Ethereum 2.0 is still something like double the power of Visa/Mastercard despite being far more power efficient than Ether 1.0
They now have stablecoin to support the $US. China needs to allow mining of bitcoin again, and then use stablecoin to its advantage.