Obviously, bitcoin is decentralized and the government will never acknowledge it.
Bitcoin is now regulated in numerous nations like japan, south Africa, and my nation as well. On the other side, there are still a few nations that permitted their people to utilize bitcoins and they'll never regulate it.
Be that as it may, I don't think regulation can be effected on bitcoin's market, since its uncontrollable government can ban the exchange but they're unable to take bitcoin's down.
Regulated how? Bitcoin by itself cannot be regulated because of its decentralized and censorship-resistant nature. Governments have only been able to regulate centralized exchanges, but that's it. Decentralized & non-custodial exchanges, as well as, atomic swaps, are out of reach from the government. The blockchain itself will be impossible to regulate given that it's widely distributed around the world. To become successful at the task, governments from around the world are going to need to reach a common agreement. But we all know that largely impossible.
As long as Bitcoin remains decentralized, it'll be truly unstoppable. We can thank Satoshi Nakamoto for his/her/their efforts in bringing financial freedom to the world. With money being separated from the state, people can truly control their lives. Once governments realize that their efforts to ban Bitcoin are in vain, they'll join the game. This will lead us to a point where CBDCs (Central Bank Digital Currencies) and crypto will co-exist for many generations. Let's hope for a fruitful relationship between mainstream governments and the crypto/Blockchain industry for the benefit of all. Just my opinion