Just a few "last remarks" on some of the last posts I found interesting (the topic will soon be closed -- for obvious reasons
-- if too many low-quality posts are added):
Europe will get over it soon. Especially when crypto promises to improve the mainstream economy. People living in European countries have the power to elect politicians/government officials through democracy. If the government gets too tough on the crypto industry, people will choose candidates that are more friendly towards it. Assuming crypto is highly popular in the bloc.
According to estimations, European countries do not see such a high crypto ownership (most of the countries register numbers close to 10%), as in the US (close to 20%) still.
In general however I agree that parties proposing too crypto-hostile policies can be hurt by crypto supporters already. The current EU policy in MiCa seems more or less reasonable, but the AMLR paragraph which restricts privacy coins like Monero is in my opinion so hostile that I would indeed vote for parties vowing to abolish that paragraph. Still there may be time as it only will come fully into force in 2027. I think in their eager to combat cybercrime the governments forget how important it is for marginalized groups and opposition groups in dictatorships to be able to transact with privacy coins.
If Trump is serious about promoting bitcoin in the US , other countries will do the same.
This is not exactly correct. If countries add BTC to their reserve, it is possible that nobody follows them (like it occurred when El Salvador started with that policy) and the reserves plummet in value.
The US of course is a big fish in the pond. But even if they really buy a million BTC (which is already an extreme proposal) then they will own as many BTC as the US ETFs "only". The ETFs were not able to stop the 50k crash in August, for example, and such deep dips can scare other governments away from following.
One could even argue that the US, if they decide to add BTC to their reserves, realize a gamble: they win if other countries follow. It's possible that the gamble plays out. But if they don't follow, then their gamble may fail.
Bitcoin's price is already quite high. It's not a "tiny market", and thus a single government while it may be able to move the price a few %, it's not enough to drive them in a completely different order of magnitude.