China's 2021 crypto ban vs. the U.S. 2024 ETF approvals illustrate divergent strategies. While Beijing aimed to curb capital flight, the U.S. leveraged Bitcoin to sustain financial dominance. Trump's 2024 policy shift—allowing SEC-regulated Bitcoin investments—demonstrated how geopolitical competition repurposes crypto from a libertarian ideal to a tool of statecraft. This regulatory fragmentation creates fragmented markets, with 80% of Bitcoin mining now reliant on U.S.-friendly energy grids.