I just read this in another thread:
I just don't think the US government will allow it to go on forever though. Not for US citizens anyway.
I agree, and the mandatory question right at the top of Form 1040 is just the beginning.
No doubt the government will want full self-reporting of every wallet address you control in the future. But the fact remains - if you fail to comply with fiat regulations, then the government can take your fiat out your bank accounts with ease. If you fail to comply with bitcoin regulations, the government can't take anything unless you hand it over to them.
If that happens, what will the price make? Because before that comes, I would sell all my early mined Bitcoin (2010 - 2011). Then Bitcoin wouldn't be Bitcoin as I knew it anymore.
Giving self reporting of our wallet transactions to government will be the worst attack ever on the primary purpose of Bitcoin, because if such policy mistakenly happens to be executed, then the anonymousity of Bitcoin is dead already, but I strongly doubt such can ever be possible, because Bitcoin is a worldwide currency and not just for citizens of US alone, because had it been Bitcoin was only for US citizen then that would have been the most tragic news ever.