[snickerbockers]

That's my point, for the first decade or so they didn't even bother considering it to be a taxable form of income, which sent out the message that it's not a significant threat to the US government. In the time since all they've done is tax it the same way they tax conventional fiats; it's never been treated as a credible threat by the United States government.

I think there are some sound-bites from Trump-45 calling it a scam (in strong contrast to Trump 47) but even then then he never tried to do anything about it. If trump gets on Truth social tommorrow and fires off a tweet about how Bitcoin is a chinese threat designed to destablize US hegemony and circumvent tariffs and he's going to sign a legally-questionable EO to ban it, bitcoin's price would go up "bigly". Same would apply to the EU or any other major economy, although i will grant that it might not be to the same degree since nobody pisses people off the way trump does.

[kowabungalow]

I think you place too much emphasis on US spam.. It's had its day and anyone susceptible to it is heavily in crypto that existing holders go heavier if they have more money to allocate to it is still a fragmentation away from actual usage where normal funds and banks add small percentages in longterm funds as a precaution.

I.e. GameStop is all very impressive until you compare it to anything finance actually dumps money in by default.

If the pyramid is isolated it tops out somewhere a lot higher than now and then collapses for lack of a place to sell to next or an actual return.