You make a solid point about the potential for governments to crack down harder on Bitcoin. While it's true that China's hash power dominance hasn't stopped Bitcoin, it's naive to think governments couldn't escalate their efforts. We haven't seen a full-on assault yet, and when motivated, states can be ruthless.

The decentralization of Bitcoin helps, but it's no silver bullet against determined nation-states. However, Bitcoin's global nature means it could become a geopolitical battleground. Some countries might clamp down, while others embrace it.

On the flip side, Bitcoin's growing adoption by mainstream players adds a layer of protection. They have a vested interest in its success and could push back against excessive regulation.

While governments could escalate their crackdowns, Bitcoin's decentralized nature and global adoption offer hope for its resilience. But it's a complex game with uncertain outcomes.