Divergence Point: October 2013. Following the Silk Road bust, the US, EU, and China announce a simultaneous ban on all crypto-assets, labeling them "Tools of Terror".
Bitcoin price collapses from $100 to $5. Development goes strictly underground (Tor-only). Ethereum never launches in 2015 as VC funding evaporates.
Without private crypto innovation, Central Bank Digital Currencies (CBDCs) are rolled out unchallenged by 2018. Financial privacy is effectively eliminated. Blockchain technology is used solely for enterprise permissioned ledgers (IBM, Maersk).