Huge investors has helped in cases of massive sell out especially in FUDs
Since they are less likely to be moved by FUD.
Low volatility could mean many are holding and moving to private wallet
Accumulation gradually ongoing.
In addition, no major government in the world will allow a decentralized currency to undermine its own centralized system, even if it means banning Bitcoin as a currency, as some countries such as Turkey, Thailand or Vietnam have done.
Hence their aggressive regulations and pushing of KYC
So that transactions can be tracked and taxes could be paid
As long as they are getting something, they would see less reasons to fight it.
Besides the world isn't under one Government
Bitcoin is borderless, and Fiat would still have a market though reduced.