While they can't kill it outright, they could make it illegal to mine, hold, or transact in punishable by heavy fines or jail time. They could shut down the centralized exchanges, eliminating all legal fiat gateways. These two moves alone wouldn't kill it, but they would severely cripple it pushing it back into the shadows and the price would be much much lower than it is today.
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Without a doubt, they could make it very painful for Bitcoiners. They still have their jails and guns which are very powerful.
However, with institutions getting involved, it is unlikely that they go full tilt after it. After all, the regulators and Wall Street are on the same side.
Ultimately, we just need to keep expanding the entire industry.
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Yep, the more money that flows in, and the more billionaires we have on our side (and by extension politicians), the less likely there is a bad ending here. The faster we get YUGE the better!