question: why is 1 bitcoin worth 7000 dollars?
Because it is a reliable store of value that cannot be confiscated, is not subject to tax and requires no laundering. When your market economy is built on top of a command economy, you want to be able to withdraw from it as quickly and painlessly as possible.
Xi Jinping has been effectively enshrined as Mao II. The economic policies of the last ten years are likely to be the economic policies of the next ten years. Bitcoin's market cap is 120 billion. China's GDP is 12 trillion. Bitcoin represents an easy hedge for the .01%.