Oh yeah, a proper great power could snuff out Bitcoin, to say nothing of the smaller coins, if they put their mind to it.

If there's a real non-bubble use case, it will have to be around making a bad but much less expensive version of something that's already possible offline, but that requires lots of lawyers to set up.

I’d argue that the US government has done a great job at leaving crypto alone. SEC jumped on ICOs because they were scamming people left and right making promises that made the tokens securities.