I don’t buy the position that government bans automatically cause the market price to crash. See marijuana, alcohol, cocaine, heroine, etc. None of those saw ma

I don’t buy the position that government bans automatically cause the market price to crash. See marijuana, alcohol, cocaine, heroine, etc. None of those saw market demand, nor price crash. Also, unlike drugs and alcohol, Bitcoin is a digital good with no physical footprint, making enforcement much more difficult. With an open-source protocol running on some 12k nodes as well as thousands of miners, most running on Tor - it seems unlikely that a gov could take the network down or even prevent their citizens from participating in the network. At best, governments could block fiat on/off ramps, pushing bitcoin trading to decentralized exchanges or p2p transactions for trading to/from fiat. There would also be black markets for Bitcoin just as there are black markets for many other things banned by governments. Ultimately governments banning fiat on/off ramps for Bitcoin could help achieve a goal shared by Bitcoiners of a native Bitcoin currency-based economy. Governments banning bitcoin may even be good for Bitcoin adoption, though it would negatively impact price in the short term.