The liberal governments that you mentioned are likely to follow the example set by China, namely, they will likely seek to regulate activities surrounding cryptocurrencies rather than ban them outright. Capital will find ways to grow and prosper, despite the the wishes of some governmental officials. Look to South Korea for an example along these lines. Parts of that government want to ban cryptocurrencies while other parts rejects that notion all together. Though I'm also no expert on these matters, following various developments reported by a number of reputable news sources leads me to believe that governments will likely seek to define exact nature of cryptocurrencies and regulate them accordingly.

The market is mostly drive by speculation at the moment. Once technologies start to mature and the environment starts to coalesce around key players, speculation will decrease and real long-term investments will begin. Those who play the long game properly will likely reap handsome rewards.

You presented a good and important topic, thanks.