The ICO (Initial Coin Offering), which is basically same as IPO but with cryptocurrencies is now prohibited in China. Unauthorized fundraising is a criminal offence since the Chinese ban put a block on trading and mining. However, Chinese authorities are quite enthusiastic about the blockchain technology, which lies in the basis of cryptocurrencies.
People learn from history. Many leading economists and prominent figures in the financial world view bitcoin as the next economic bubble that can blow off any minute. Remembering the economic crisis of 1990s or that of 2008, modern preoccupation with cryptocurrency bears similar characteristics as the dot-com and the housing bubbles.