Is crypto a speculative investment in China?

With the ever-evolving landscape of digital currencies and the increasing interest in cryptocurrency investments worldwide, the question of whether crypto is a speculative investment in China has gained significant attention. Given the unique regulatory environment and market dynamics in China, it begs the question: Is investing in cryptocurrencies purely a matter of speculation, or does it hold the potential for long-term value appreciation? Considering the volatility of the crypto market, as well as the various risks involved, how do investors in China perceive the opportunity and the associated risks? Is there a balance that can be struck between speculation and strategic investment in the Chinese cryptocurrency landscape?