China has some serious bitcoin mining power. A LOT of it. Some worry with one country having majority power over the blockchain that a 51% attack could leave the blockchain reeling, however, the question is - why? China is profiting majorly from BTC functioning normally. An attack of that scale would be expensive and only temporarily rewarding. There are reasonable fears that a central communistic currency could be the goal and the machines could be then used to get the problem child out of the way, but it's more likely the Chinese government would simply ban all mining and shut down current operations. There's also a bit more decentralization going on than is known but that is only from scattered reports of some trying to find other forms of income to escape the nationalist communist regime. China has been in the past the leader in mining power and could have attacked the network then. Would it though? It certainly seems like it could. But as most leaders with a trail of money behind them do, the leaders there have their best interests in mind and currently that involves keeping Bitcoin alive at the moment. Also, this was about the ripple guy - of course he wants to share this fomo fudge - for XRP's sake.
However, I'm sure even he knows the majority DeFi rules - rivers (altcoins) flow into the ocean (BTC.)
I'm curious how much hashrate Hong Kong is contributing. They seem to think bitcoin will never ditch you.