China will invest heavily in another cryptocurrency, but probably not bitcoin. China will want to have a cryptocurrency that is competitive with bitcoin, but under its centralized control. This will, in general, provide legitimacy to all cryptocurrencies.
I can personally attest to this. I recently edited some documentation by a Chinese company that will soon launch its own cryptocurrency. The Chinese strategy is always to outlaw or ban certain web based technology ("twitter, facebook, google") and create their own version of the same technology allowing their comparative advantage (i.e. population) to propel it. I would not be surprised if China out-right banned bitcoin, and all other cryptocurrency for that matter, and began issuing its own crypto.
I can personally attest to this. I recently edited some documentation by a Chinese company that will soon launch its own cryptocurrency. The Chinese strategy is always to outlaw or ban certain web based technology ("twitter, facebook, google") and create their own version of the same technology allowing their comparative advantage (i.e. population) to propel it. I would not be surprised if China out-right banned bitcoin, and all other cryptocurrency for that matter, and began issuing its own crypto.