Hard to swallow pills for speculators in comfortable liberal democracies: Bitcoin was never meant to be compatible with the legacy finance system. These regulations are but the machinations of the very system Bitcoin seeks to disrupt. The unfortunate correlate is that the legacy system will fail in a non-subtle way before Bitcoin is accepted as the rational choice. This would indicate the process will be anything but smooth, especially in terms of market price discovery. If you believe in the legacy system's sustainability in the long term, you probably shouldn't speculate on Bitcoin. If you see this reaction as inevitable and predicted by the game theory built into the Bitcoin protocol, your conviction has probably increased.