Cryptocurrency is the same. Its survival is not due to hype but because it genuinely solves the problems of cross-border transaction security and efficiency, and also meets the needs of the global gray economy and dark web economy. These are not issues that any country can dismiss with a snap of the fingers.

Why are we cracking down so hard now?
It's not because cryptocurrencies are bad, but because the economic structure doesn't allow it. Simply put:
Domestic asset prices are far higher than overseas, creating a huge capital outflow differential under capital controls; and the economy is also declining, forcing reliance on credit expansion to support assets. As a result, tokens like this are essentially puncturing the asset bubble directly, accelerating capital flight.

When, in the future, the domestic asset bubble clears and the gap between internal and external asset prices narrows, and outflow pressure diminishes, then at that stage, aligning with global trends and easing or even opening up to cryptocurrencies would be normal. Starting in 2021, debt-driven growth reached its limit; increasing debt further would only drag down growth, leading to deleveraging by enterprises, housing price crashes, and local government debt defaults. These issues are not short-term; Japan took from 1991 to 2006 to recover from its crash, and here we are dealing with additional global recession, population decline, and supply chain outflows, so the cycle will only be longer.

Therefore, for a long time in the future, cryptocurrencies will not be unrestrained domestically. It's not because the direction is wrong, but because the timing is not right. The overall trend won't change—it’s just a matter of pace.