I've been using Bitcoin as a currency since the autumn of 2010. So far I haven't done anything illegal. I report my coins and my earnings to th tax authorities, who have no idea what it is. So far it is untaxed, but I have done everything right.
While I'm no lover of the State and the taxman, I do respect and admire your honesty.
In my opinion the future is legal. I sell coins every day to people who use the coins to pay for services or as a store of value / investment. Nothing of this is illegal.
I don't think I can disagree with that.
And the value will of course drop to the bottom if Bitcoin is deemed illegal. Both I and most other people will get rid of all we have as soon as possible, and it is going to be hard to do it in a legal way.
I'm not convinced that's true. After all, prohibition has never made illicit drugs cheap, quite the opposite!