I understand the benefits that Bitcoin provides individual users and that by its very nature it is deflationary so over a long enough timeframe it's value should always increase vs fiat.
However, it also provides challenges to governments, not least why would the government want a challenger to the USD that prevents them from inflating their way out of debt?
I can't imagine the govt could shut Bitcoin down but they could make trading it illegal, effectively shutting down the exchanges, or apply draconian taxes on it. If this were to happen I would expect adoption of Bitcoin and its price to plummet.
So my question is, why is the government allowing Bitcoin to exist?
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