I think what will happen to bitcoin is an interesting question and the more I think about it the harder it seems to predict. Ignoring trying to predict the actions of governments, it seems hard to predict even just based on the economics and current trends.
For example, we have competition among miners that results in higher energy consumption, which translates into higher transaction costs.
This affects demand, reducing the number and increasing the size of transactions among bitcoin holders, traders etc. which I can see both causing centralisation of mining (through consolidation, driving for efficiency) and centralisation of demand (fewer holders of larger amounts).
I don’t say that’s correct but it looks bad for bitcoin in the long term. Centralisation reduces its utility, its value becomes capped by reduced demand, and its security can also become more suspect through mining consolidation which further reduces demand.
That is bad enough, but put this in a competitive environment and you have flight to whatever is better. I don’t know enough to give examples of this in the past but there must be many.
So I don’t think bitcoin will necessarily be banned, but I think it could well fail anyway. No timescales though! 