A good argument for the major crypto currency’s future is that they have passed a point of no return. The are To Big To Fail. Enough people, institutions, and politicians' constituents are bought in for draconian political intervention to come down the pike. ETFs are trading on major exchanges, tens of millions of recreational investors are tied to the fate of Bitcoin, and pensions and university endowments are now in the game.

I believe that Ray Dalio is correct: The United States government could cripple the bitcoin economy if it so wanted. But the time to do so without outrage may have already passed.