This is the same clickbait bullshit that ignorant financial reporters put into articles that fear-monger about china owning a lot of US government debt.
There is no incentive for people with a lot of bitcoin to crash the market. If they want to liquidate their position they will sell it off a little bit at a time over a long period of time. If they sell too quickly the excess supply will cause the price to spike downwards which will lower the price they'll get for the rest of the bitcoin that they haven't sold yet.
This isn't just theory, this is how large investors behave every day as they build up and wind down positions in the stock market.
China owns a massive amount of crypto. They've been mining since 2011. Other countries took notice a few years later yet they're still nowhere near what China has. That's why China's economy has boomed over the past decade.
The reason China's economy has been growing so much is not because they've been mining bitcoins. It's because they have an enormous, impoverished, and largely agrarian population that has been able to reap huge productivity gains from relatively inexpensive investments in productive capital.
If your broke ass citizens are working with hand tools and then you buy them power tools, their productivity will increase quite a lot. Compare this to the west where our workers already have power tools and capital investment means buying better power tools will increase their productivity just a little bit.
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