If all countries truly banned exchanges at the same time, yes, the immediate impact would be a massive crash — liquidity would vanish overnight, institutional players would exit, and retail investors would panic. But long-term, Bitcoin wouldn’t necessarily “die”. It was created to survive outside of governments and banks, and P2P trading, decentralized exchanges, OTC desks, and even informal markets would continue to exist.

The value of Bitcoin has never come only from exchanges, but from its core properties: scarcity, censorship resistance, and borderless transfer of value. Governments can ban centralized ramps, but they can’t ban the protocol itself unless they shut down the internet globally — and that’s not realistic.

So in the short run: chaos, fear, and price collapse.
In the long run: Bitcoin could become even more “anti-establishment”, and maybe prove its original purpose as a money system outside of state control. Ironically, such a ban might strengthen its ideological value, even if the market price suffers for years.

Also, we shouldn’t forget the difference between centralized exchanges (CEXs) and the broader ecosystem. Even if CEXs like Binance or Bybit are banned, there will still be other ways to buy and sell Bitcoin, decentralized exchanges, P2P platforms, Bitcoin ATMs, broker like Scalable or even direct person-to-person trades. That’s why Bitcoin can’t simply be “shut down” by banning exchanges.