This is one thing that the Communist Chinese have gotten right, but for the wrong reasons. Cryptocurrency is beyond the power of any one nation to control, because it is a “pretend gold”, and the Communists despise it for the same reason they despise allowing gold itself. Nobody, in a Socialist regime of any kind, is permitted to accumulate independent resources as a medium of exchange, but to use only the government-issued currency, which is first of all subject to whatever manipulations the governing authorities choose to apply. But cryptocurrency itself is subject to the whims, not of any one government, but to a shadowy group of investors, who then manipulate the value of that cryptocurrency for their own purposes. The value of cryptocurrency can vary from day to day, because of its very scarcity, which is always maintained, then a very few large transactions into or out of that cryptocurrency have an altogether disproportionate effect on the value.
Even more dicey than the stock market.
Even more dicey than the stock market."
You hit the nail on the head.