Rather obvious now with several US owned platforms like Square Inc, Robinhood, Coinbase officially sanctioned to trade cryptos.The theory that bitcoin and cryptocurrencies as another store of liquidity for the US Dollar appears plausible:
The few trillions in market cap are literally backed by hype and born out of the air.
Chinese gov is smart to stop wasting energy to sustain the cost of extending the dollar monetary hegemony. US T bonds got dumped last year in March when equity market tanked, the first time in history US bond market run contrary to public equity. They need a new medium to soak up the liquidity.
Blockchain though is a totally different story.