It’s not complicated. There is no competition over who wins. Governments are going to destroy crypto one way or another and there is nothing anybody can do about it.
China is already there:
China’s most powerful regulators have intensified a crackdown on cryptocurrencies, with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major rivals and pressuring crypto and blockchain-related stocks.
All other major governments will follow in time. Why?
Because private money is an intrinsic threat to the state and, in the end, the state has a monopoly on violence. China is more sensitive to such political economy dynamics than others. But it is true everywhere.
Either private crypto remains a fringe market or it succeeds and is thus annihilated.
