As long as you can convert bitcoin to some relatively stable currency somewhere in the world, the US government will have a tough time getting a handle on it.

As long as you can convert bitcoin to some relatively stable currency somewhere in the world, the US government will have a tough time getting a handle on it. There is no reason bitcoin needs to be converted to USD on US soil. If you have to exchange your bitcoin for HKD in Hong Kong, easy methods can arise for this, and it may not be a big issue.