Does this prove that the blockchain tech is a success?
With the attention of the government getting focus on regulating this technology, I think the blockchain tech is somehow successful. If it is a failure then the government won't even pay attention to it.
That BTC could work as a money system for the people and help people to devalue FIAT currency?
I agree with the earlier replies that Bitcoin was not created to devalue Fiat currency but rather modeled to remove third party authorities from the equation in sending transactions. To make the fee cheaper (but with the BRC tokens and ordinals made it impossible) and give more freedom to users in terms of transactions.
Or am I wrong and the “powers that be” are winning and people will lose in the crypto world?
Your thoughts?
Whoever had the authority will prevail unless the masses turns the table and gain the authority. Regulations are there to restrict people and put them under control. It does not work for the benefit of the people but rather works for the benefit of the estate. Since setting regulations, the authority can do whatever they wanted in disguise of implementing the law, they can even pillage the money/fund/BTC of any individual in disguise of ceasing them due to money laundering.