However upon inspection, sometimes you will realize that the government acknowledging bitcoin is not actually a good thing. First of all, the government's acknowledgement is limited to only being a speculative asset and not as a currency that can be used for official transaction. Second, their rules and regulations usually include AML and KYC which totally strips away investors' privacy and disregards decentralization. Third, governments only acknowledge bitcoin to implement high taxes which only drives investors away.
So at the end, not all kinds of acknowledgement is good.
I agree with you on this absolutely and I’ve always had this thought because I think that, government acknowledgement of bitcoin has actually limited privacy and given more rooms to KYC and I could remember vividly when there was a raid and ban on exchanges in my country, I had a discussion with a friend and I told him that, exchanges will be back but this time with a more precise and possibly more strict KYC and that was what actually happened and almost all the exchanges operating in my country as centralized and I think we users are even making things difficult for exchanges to be decentralized because people barely trust the decentralized exchanges and rather would preferred the centralized exchanges for their safety and I guess that’s human for us.
Long story short, go covenant acknowledge and support for bitcoin and cryptocurrency isn’t totally a good thing but you know the saying that, every good thing has it’s negative impacts as well.