BTC can not be defeated, many country once banned btc , but all those country re-accepted btc at last. btc will be the worldwide coin in future.
Now, Bitcoin is the currency of the world, nobody or any personal companies can manage it, but important it still illegal and the future of Bitcoin still not clear like your said. Because some rumors about banned crypto of China has made the price of Bitcoin falls down much recently.
I don't know if this same situation when we drop maybe from $2500 to $1800 then rise high to $5000 , now we down from $5000 to $3800 , are we going to rise high or come back to $2500 , who knows ..