The problem, is that you’re celebrating the government's need to use a sledgehammer, while ignoring they are building a better cage. ​You bring up Venezuela. When a fiat currency completely collapses, of course the regulatory friction breaks down. That's the exception that proves the rule. The US Government's goal is to prevent the dollar from ever reaching that point, and they are using containment to do it. ​The ultimate game theory move isn't to kill Bitcoin... You praise "jurisdictional arbitrage." The US government, with its control over global banking (SWIFT, USD clearing), doesn't need to regulate everywhere simultaneously. They only need to declare any non-KYC peer-to-peer operator who touches the dollar system an OFAC risk or MSB violator. That threat turns every major global financial institution into a containment agent for the US. Your circular economy of goods and services is entirely reliant on the stability of the container—the country itself. People switch to Bitcoin in Turkey because the state has already failed to provide a stable environment. In the US, the state is actively working to ensure the utility of fiat for everyday life remains overwhelmingly greater than the 'friction' of the Bitcoin economy. You can't pay your mortgage, your corporate taxes, or buy industrial goods with Bitcoin without hitting a massive regulatory wall. They are not going to make it "annoying everywhere." They are going to make it expensive to use as money and easy to hold as a monitored asset (via ETFs, regulated custodians, etc). You end up with a high-friction digital gold that funds a few niche black markets, while the state maintains its monetary monopoly. ​The US government is not like Venezuela or those other places, and it will contain its threat before the pressure of fiat failure forces a collapse. You are betting the cage will rust before the animal dies of starvation inside. I'm telling you they just added a new lock.