Actually, you can think of it a problem altogether:

Who cares about the price. That self-described crypto-maximalist, Peter Thiel let it slip what really should be a worry.

66% of all PoW Crypto is mined/block-validated in the People's Republic of China. and nearly 100% of mining rigs and their ASICs come from there.

And, economically, the miners are insignificant to the economy.

But China's stated objective to get free of the dollar reserve system run by western liberal democracies (you know, human rights and all that crap) and replace it with the (Digital) Yuan/Renminbi.

The real blindness is not the squirrel.