I guess they have moved from proof of stake, to proof of work

A rug pull

Doing the same as they did with silver when the rest of the World started the gold standard. Betting on the wrong horse.

Its preparing for the US to default on debt obligations.

New World Order

BINGO

They went from holding 0.0023% of their gdp as reserves in gold to 0.029%. Still a tiny fraction of their usd reserves

Except this time they are the industrial powerhouse of the world. If they have enough influence they could dictate that btc is outlawed for trade, and to only settle in gold, because they could still centralise gold, but they cannot control btc. With the coming AI surveillance tech and CBDCs, along with people not learning about self custody and buying derivatives instead, im not so bullish on btc adoption as i would hope to be please correct me if im wrong, I want to be optimistic of the future

Reserve currency status