Some believe that the U.S. promotes Bitcoin to entice China into the game to eliminate its $36 trillion debt, but China has not fallen for it. Perhaps what the U.S. wants is for China not to recognize Bitcoin.

Because if China recognizes it, with only 21 million Bitcoins available, it wouldn't be enough to distribute and would be marginalized by mainstream currencies. Only if China does not recognize it can the U.S. have a reason to exclude China, driving up Bitcoin's value, and at some point, abolishing it outright, which could allow the U.S. to eliminate its foreign debt in one go and then return to the dollar.

After all, the intrinsic value of Bitcoin is questionable, and encryption and confidentiality are not absolute; any decryption is an upgrade against encryption. So Bitcoin is just a string of numbers, without value. Only with recognition from the U.S. government can it survive as an attachment to the dollar; although it may steal the limelight from the dollar, it cannot shake the dollar's status.