First, thank you Philippe for reading and responding!

Second... I do think there is a tipping point where regulation can stifle crypto. If the US and EU band together, that would qualify.

Unfortunately this would lead to a completely unregulated, dark web crypto network. For example, I see Russia using it, not banning it. Same for 2nd-stage developing countries (Turkey has high interest right now, as does India and Brasil).

I wouldn't see Bitcoin going to $1Million per coin, in such a situation, but I do think an "honor among thieves" self-governance would eventually occur, and more people would place their money into such a program to avoid taxes / hide from inflation.

You also can't really "ban" crypto trading - any VPN program can simulate connecting from another country, say the Bahamas, where restrictions don't exist. And yes they would market themselves as safe havens. Because people will also deposit money in their banks...

Of course these are my non-professional thoughts. Again thanks for reading and responding.