It’s easy to recall claims of “the US government is not able to ban Bitcoin, it will live on”.

I’m doubtful in what capacity;

US Exchanges become illegal

Money transmission to known world exchanges becomes illegal

US LocalBitcoin-type sales and sites become illegal

Internet traffic is already recorded by government

While a deep paper-wallet market could live on in the shadows, it’s a real industry killer.

If the US leads, a large number of countries will follow.

I sure hope they don’t, but understand it’s not out of their reach.