With Bitcoin nearing in on a record high of more than $6,000, many investors are hopeful China will lift its ban on the cryptocurrency, adding fuel to its run-up.

But Gordon Chang, author of Nuclear Showdown is not so certain liberalization is in the currency's future.

"There has been optimism that after the Communist Party's 19th National Congress there is going to be liberalization in many areas of the economy -- that is possible. But cryptocurrencies are something of a special case," Chang said on Monday.

In September, China banned mainland residents from trading in cryptocurrencies on exchanges.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.