Once upon a time China was a flourishing country. Trade was booming. Europe was buying and China was producing. Hence the silk road from way back in time.
China was selling and was selling for silver. All the world’s silver was flowing to China in exchange for goods. However Europe, all the individual countries in Europe were trading in Gold.
Money in China was silver, money in Europe was gold.
When ever Europeans wanted to buy Chinese products they had to exchange their gold for silver first. At one point this became very painful because you could get ever less silver for your gold and Chinese products became more and more expensive.
So European merchants took their gold to India, bought cheap opium and sold that opium for silver in China.
The more Chinese got hooked on opium, the more silver, buying power the Europeans got in China.
In other words China was now running no longer on silver but on opium.
China didn’t like that, hence the opium war. China lost the opium war.
Now China is banning Bitcoin and embracing not silver but gold, but the rest of the world can’t ban Bitcoin. Guess what will happen this time around.