No governments were and are friendly with Bitcoin as they have centralized power to defend. They only accept Bitcoin and turn to Bitcoin friendly if their nations are in big troubles and have to do it as a good choice to boost their national economy and more effects in their society. Otherwise, they will accept Bitcoin under citizen demand and pressure as well as don't want to be too late in Bitcoin party compares to other nations.

China has been against Bitcoin in many years while they are keen on gold and has tradition of accumulating gold from citizens to governemtn. Behind the scene, beyond their bans, crackdowns against Bitcoin, we actually don't know whether Chinese government silently accumulate bitcoin. Like North Korea, who knows how many bitcoins they have from either hacks or mining.

China may have realized a vulnerability with bitcoin - the developers are highly concentrated in the US.

Given bitcoin's well-known conflicted history with the blocksize wars, hardforks, the more recent Op-Return war, etc.
this presents a potential vulnerability for governments because bitcoin can be controlled through the developers.

We have seen how a small group of devs can quickly force through unilateral changes to the code any time they want.
This has exposed bitcoin's consensus mechanism as being rather weak.

In the back of my mind I always thought this could be a problem and potential attack vector for bitcoin. If foreign governments
start adopting bitcoin, that would be a concern for them. They don't want a country like the US potentially seeking to control bitcoin,
through the mostly US-based developers for example.

They're also probably concerned about getting hacked especially with the threat of quantum technology.

This is not a new news here and other social medias. China is investing in gold to affect the price of bitcoin because of the economy tariffs war with USA. They invest massively to boast gold but the investors of bitcoin are more than Gold so it will not affect bitcoin and China might be on the losing side of this online investment war. If I were them I would not bring the war to this side (online investment), because the fans of bitcoin are more. The investors of Gold in this forum is countable just that we don't know them but bitcoin investors are uncountable here in the forum.
China is just doing things to pain USA.

China has long history of gold bank, traditionally they worship gold because it's part of their culture, it's something that is going to remain relevant even if the rest of the world doesn't want to go with Gold again, there regular demand will make Gold to remain relevant in the next generations to come. Bitcoin? I don't know but I know that country don't like to be influenced by outside world. That country has its own Facebook because they don't trust Mark Zuckerberg.

I'm not sure if that country is going to make Bitcoin as a reserve like they did with Gold. They want to control Gold they have but they can't control Bitcoin and last I check they ban Bitcoin for long now. No official statement about the unbanned. If this country is going to make Bitcoin as their reserve then we are first going to see unbanned news soon, it's going to be unconstitutional to be buying Bitcoin and the laws forbid it that no one must be seen with Bitcoin.

For China to finally decide to have a Bitcoin with gold reserve is obviously a sign of power, because it would mean they are ready for contingencies that could include war or invasion from other world powers who currently own Bitcoin and gold reserves.

I wonder what took them so long to realize the importance of owning Bitcoin mostly now than they are among the leaders in commerce, artificial intelligence and robotics and despite them placing a ban on Bitcoin use within the country.

We would see other countries going the queue because cash in king when it comes to war and trades and in order not to be left behind, they gotta get involved or get left behind.

A wise country or government can sometimes be deceptive. China may be vocal on being against bitcoin and show to the world that they will never adopt bitcoin at all cost, but hey, we don't know what's actually happening under the table. Their transparency towards their citizens, towards us watching China is never that high, so there are still a lot of things that they chose not to become visible by us, and maybe one of it is silently hoarding bitcoin. And if they are actually doing that, so what? The rest are already adopting bitcoin, and for sure they don't want to be left behind.

The point here, if other countries like US can excel more in gold and bitcoin accumulation, then there's no reason that China won't fail on it. It's just that China is moving secretly, without giving hints that they're actually into bitcoin as much as US can do. In the end, they will be making massive profits and celebrate their success while leaving us believing that they are still very skeptical about bitcoin.

We can't really be confident with China beating around bitcoin, we will only get shocked if one day they're all over the news and made the biggest storage of bitcoin.

Where did you get the information that China is grabbing so much Bitcoin? China has been unfriendly to Bitcoin, and they haven't even permitted mining and trading activities in their country for several years. So, there's no chance of them accumulating Bitcoin at this time, unless the CCP changes its rules and allows the government to accumulate Bitcoin.

However, China is indeed actively accumulating more gold as part of its strategy to counter US dollar dominance. By holding more gold, China can reduce its reliance on the US dollar and, at the same time, increase the credibility of the yuan as an international reserve currency. So, this is their strategy to strengthen their currency and counter US dominance.

I think they don't mind being public about their gold hoarding and letting the world know their true intentions, there's no reason for them to hide their bitcoin hoarding. Because so far, bitcoin is still just a speculative asset with a fairly small capitalization compared to gold. That means there is still risk and its future is unclear, whether it will become a safe haven or remain a speculative asset. If it were just a speculative asset, the government would not need it.

It is clear that China does not take bitcoin seriously and care, we do not need to come up with hundreds of conspiracy theories that they are secretly accumulating it.

In the eyes of governments, central banks still do not take bitcoin seriously, that is the truth and we need to accept the reality. Fed, ECB, BoE, BoJ or SNB, global central banks still have no intention of adding BTC to their reserves. PBOC will not rush into this race.