Global governments have made it very clear that they have no interest in competing with a private digital monetary system.  If we listen to them, we should have the expectation that they will regulate private cryptocurrencies out of existence.  

Remember, over 60 global central banks (the BIS) are already at some stage of considering a central bank-backed digital currency.  The Fed is due to issue a report this month on the viability of a digital dollar.   Powell said this week, that it will be a government-wide decision.  But we already know the majority vote in government will favor it. 

The Chinese central bank has already announced a 2022 launch of a digital yuan.

Let's revisit an updated chart from one of my May notes, and take a look at how the chart of the bubble in Chinese stocks back in 2015 compares to the chart on bitcoin.