Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?
If this kind of scenario will happen (regulation of bitcoin and banning), I think most users will opt to hold for long-term and really hope for the best that regulation or banning will be just temporary and will soon be lifted. Just like any other banned things whereas it was later on made legal again after a period of time. Otherwise, I think the users will try to convert the funds they have on their wallet to fiat money for assurance purposes that they will still be able to enjoy the fruit of their labor and patience. After all, there are so many exchangers available to convert crypto coins into actual money. That way, they were still able to utilize their coin's value.
Nonetheless, people will still find ways and opportunity to use crypto if ever worse comes to worst. They can use several methods not to be detected to avoid persecution. Like what they say, modern problems require modern solutions.