And that is the real problem goverments are having with bitcoin.
The FED doesn't have their say about it or get their cut. The IMF. Whatever the central agency of EU is..
Every country has that one group who is above the law because they control the money.
Bitcoin doesn't have that. Has no place for that. Thats why it'll end up being banned outright eventually. Unless they can figure out how to implant themselves into the bitchains and get their cut. keep control. monitor everything they want. and have their say about it's 'value'.
I really don't think it is that simple.
Admittedly the government can't control the money supply of bitcoins; it is not even clear that that is a good thing. The argument against the gold standard is that it takes monetary policy off the table. But aside from not permitting unlimited issue of bitcoins, what else would be different?
Suppose my employer paid me in bitcoins, and I was able to conduct all of my transactions in bitcoins. OK, my company contracts with ADP to do their payroll, who in turn do direct deposit to my bank. The bank holds my store of bitcoins. When my credit card statement comes, I tell the bank to transfer n.m bitcoins to the credit card company.
The point is, without a significant reworking of the entire financial industry, it doesn't matter what currency is used. ADP still knows how much I get paid (and have you noticed how ADP is cited as a source for unemployement data now, because they process so much of the payroll in the USA?). My bank knows which transactions have been made on my account, and report to the financial regulators in the same way. The credit card company knows what I am buying, just like they already do.
The only way that I see bitcoin making a difference is if the entire things is completely decentralized, taking banks, payroll companies and credit cards out of the picture. And you know what? I think of myself as a privacy geek, and all of that is too much hassle for me. What is going to be the motivation for the average person to completely dismember the financial services industry?