Let's say it's banned from exchanges in the US, and you can only buy etf, I think the price would crash 50% or more, it would be more difficult but bitcoin would survive and continue to ATHs. Also etf demand would still drive price up.
Discussion
Beyond the price, buying/selling bitcoin would be way more difficult. Maybe mining event at a loss could be a way to stack.
They can close that on-ramp and off-ramp, everything points to that, and to Blackrock fork when it haves that power. And they have the regulators in their pocket.
Yes they could do that, and it would be very hard to buy/sell bitcoin but I think in the long term it would still survive, p2p markets would grow. But I don't think that will happen.
Everything points to that happens