The old industrial western powers cannot compete with Chinas manufacturing efficiency. They have relied on financial trickery (printing money) so far but its not going to work much longer.

The developing nations are faring much better from Chinas rise as they export more commodities which China pays a better price for and import more manufactured goods which again China offers at a much better price. The legacy imperialists of the west have lost the trade war with China and their insolvency is imminent. Bitcoin is certainly a minor threat to their increasingly undesirable Treasury Bonds but its not a significant threat- the real threat comes from the chronic decline in the ability of these previously industrialised economies to compete with China.

Trump at least understands this much and is trying to use tariffs to bolster US fiscal and stimulate US industrial sectors but its not a realistic strategy more than short term damage control. China has already called Trumps bluff and threatened to cut supply of rare earths reducing Trump to begging for a restoration of supply.

China has won the trade war.