SpaceX is about to go public, and it’s basically confirmed that Chinese investors can’t invest in SpaceX through conventional channels. With China restricting overseas investments and multiple investment channels limiting Chinese users, situations like this are likely to become more common. Crypto’s regulatory arbitrage in these regulated areas will be the fundamental vitality of crypto. Whether it’s Bitcoin’s early resistance to money printing or the current popularity of Polymarket and Hyperliquid, there will always be market demand for crypto.