How do differing societal perceptions of Bitcoin (US liberalism vs. Chinese caution) affect its value?

No problem, this is a very interesting question, and I'll try my best to explain it to you in plain language.

Let me put it this way: the value of Bitcoin largely doesn't depend on how brilliant its code is, but rather on what people around the world 'believe' it to be. It's like a famous painting – it's just canvas and paint, but because people believe it's art, history, and unique, it can fetch an astronomical price.

Bitcoin is the same. People in different places attach different 'labels' to it, and these labels directly influence its price. Let's take the two typical examples you mentioned: the United States and China.

1. American Liberalism: Bitcoin as 'Digital Gold' and a 'Symbol of Freedom'

In the United States, especially among many who believe in liberalism and individualism, Bitcoin is practically a 'sacred object' or a 'marvel'. Why do they see it this way?

• Distrust of Government and Banks: They are inherently wary of centralized power, such as governments, the Federal Reserve, and large banks. They believe governments print money indiscriminately (inflation), making their cash less valuable; banks can collapse at any time, and their fees are high.
• Bitcoin as the Perfect 'Antidote': This is where Bitcoin comes in. Its supply is fixed (21 million), and no one can arbitrarily issue more, so it's inflation-resistant and seen as 'digital gold'. It's decentralized, belonging to no country or institution; as long as you have your private key, no one can seize your assets, which is considered the ultimate embodiment of 'financial freedom'.

How does this perception affect its value?

• Many 'Die-hard Fans,' Solid Foundation: These people are Bitcoin's most loyal believers (often called 'HODLers'). They don't sell easily, and no matter how much the price drops, they believe in Bitcoin's long-term value. This creates a strong buying and holding force, providing a solid 'bottom support' for Bitcoin's price. The fact that it recovers after every major dip is largely thanks to these 'die-hard fans' buying the dip.
• Driving Innovation and Compliance: Because supporting Bitcoin is somewhat 'politically correct' in the US, many large companies (like Tesla, MicroStrategy) dare to hold Bitcoin as a corporate reserve asset. Wall Street financial giants are also keen to develop Bitcoin-related financial products, such as ETFs (Exchange-Traded Funds). These actions make Bitcoin increasingly mainstream, attracting more ordinary people and institutional funds, and naturally driving up its price.

In summary for the US side: They provide a continuous, positive, upward pull. They see Bitcoin as the future, as a belief.

2. Chinese Caution: Bitcoin as a 'High-Risk Speculative Product' and a 'Potential Financial Risk'

In China, the situation is completely different. Our culture emphasizes collective interests, stability, and risk aversion more, and the government's control over the financial sector is stricter.

• Stability Above All Else: The government's primary goal is to maintain the stability of the financial system. Assets like Bitcoin, with their volatile prices, strong anonymity, and potential involvement in capital outflow and illegal activities, are seen by regulators as a potential 'troublemaker'. It could challenge the status of fiat currency (RMB) and is difficult to regulate.
• Protecting Ordinary Investors: The government also believes that ordinary citizens lack understanding of Bitcoin and can easily lose their hard-earned money in severe price fluctuations. Out of a 'paternalistic' protective mindset, they simply adopt a one-size-fits-all approach, restricting trading and speculation to prevent greater social problems.

How does this perception affect its value?

• Policy 'Sledgehammers' Trigger Crashes: China's regulatory policies are one of the strongest unpredictable factors affecting Bitcoin's price. For example, the ban on ICOs and closure of exchanges in 2017, and the comprehensive ban on mining and trading in 2021 – each time a 'sledgehammer' fell, it directly caused Bitcoin's price to plummet in the short term. This was because a large number of Chinese users and miners had to urgently sell off their assets, creating massive market panic.
• Strong Speculative Atmosphere, Exacerbating Volatility: Despite the policy gaps, a large number of Chinese players still participate in Bitcoin trading. However, unlike the 'believers' in the US, many don't care about the ideal of 'decentralization'; they are simply there to make money, treating Bitcoin as a casino more exciting than stocks. This purely speculative behavior leads to strong 'buy high, sell low' sentiment in the market. When the market is good, they flock in, pushing prices into a bubble; as soon as there's any sign of trouble, they are the first to leave, deepening the decline.

In summary for the Chinese side: They provide a sudden, intense, and uncertain impact. Regulation provides downward pressure, while speculators amplify the market's two-way volatility.

Conclusion: A 'Tug-of-War' Between Two Forces

Now, if you look at these two forces together, you'll understand why Bitcoin is so exciting:

• The 'liberal believers' in the US (and the Western world) act like a resilient rubber band, constantly pulling Bitcoin's price upwards, forming its long-term upward trend. They are the 'engine' and 'stabilizer' of its value.
• China's 'cautious regulation' and 'speculative public', on the other hand, are like an unpredictable giant hammer, occasionally smashing the price down hard, or giving it another push during market frenzy. They are the 'amplifier' and 'catalyst' for extreme price volatility.

Therefore, Bitcoin's value is forged in this global 'tug-of-war' of differing perceptions and forces. It's no longer just a technological product; it's more like a 'social experiment' that embodies diverse cultures, philosophies, and conflicts of interest worldwide. Understanding this will help you better grasp why it sometimes stands firm like gold, and at other times goes wild like a rollercoaster.