The controversy over the legality of #美国终止政府关闭 BTC in certain regions actually hides a quite intriguing history of strategic battles.

Looking back at the regulatory timeline, three key milestones are particularly worth examining.

In 2013, authorities explicitly stated that this thing is not a currency. After the payment function was denied, the market remained silent for nearly three years. But silence did not mean disappearance — during this period, the new identity of "digital assets" gradually took shape.

In 2017, things got even more intense. Exchanges collectively withdrew, and fiat currency exchange channels were cut off directly. The price indeed dropped, but only for a few months. What happened next? A wave of rapid growth began, eventually setting new historical records at the time.

By 2021, mining policies tightened, causing a short-term crash in total network hash rate. Yet, within less than a year, hash rate re-concentrated overseas, even surpassing previous peaks.

Three strikes, three recoveries. Behind this resilience are both the decentralized nature of the technology and the genuine market demand. Regulations can change the rules of the game, but it seems difficult to change the game itself.