The way things are unfolding, it seems we're heading in that direction. Everything involving Bitcoin that the government can regulate, they want to intervene in. Exchanges and even gambling sites now require KYC, and this KYC requirement erases the anonymity that we intended to preserve. It's tough to accept that what Satoshi created for anonymous transactions and decentralization is becoming centralized, and anonymity is being stripped away due to KYC.

Why doesn't the government just create its own digital asset and let Bitcoin continue to function in our ecosystem? I'm sure the massive adoption we hope for could still happen even if they don't heavily regulate the market.