Since bitcoin is decentralized, the only important aspect that can really be regulated is when it's converted to fiat. The worst a government could effectively do is shut down the ability to exchange bitcoin for the national currency. Unless a lot of governments did that at the same time, it couldn't really hurt bitcoin since you'd still be able to use it even in countries where it's regulated and it would retain its value since people in unregulated countries could still convert it to local fiat.

Governments would have to be really stupid to do that though because they'd be killing the blockchain ecosystem in their country and all these startups with so much potential would move to other places.