[Hjfrf]

Peer to peer on-chain transactions seem unkillable at this point.

Surely governments would target exchanges instead?

Without the dollars coming from retail investors, the value proposition for speculators disappears.

You could still trade bitcoin (slowly) at that point, but converting to fiat would be difficult.

[anonporridge]

The question for me, is if I can no longer legally sell my bitcoin for dollars, then that implies that bitcoin can't be legally valued.

Does that mean I can then exchange it directly with others without incurring a capital gains tax event?

Point is, shutting down legal exchanges won't happen in the US. Since you can't kill the underlying system or stop people from using it, you only make it impossible to tax.