This rising use of digital currencies has spooked governments because policymakers feel that the decentralized market will take away their power to provide and create money! There is a reason why regulators are so eager to impose their set frameworks and eventually discourage investors from indulging in the cryptocurrency market; today, Bitcoin is huge! It is impossible to just stop investors from acquiring Bitcoin.
These questions might even spook Bitcoin heavyweights, but the truth is they should be ready to face the most adverse conditions because the core feature of almost all cryptocurrencies, including the bigger ones like Bitcoin, is their volatility.
There are several influential tech giants like Elon Musk who have always been big proponents of cryptocurrencies, and his tweets have impacted more crypto investors than they actually should.
If blockchain technology ceases to exist, modern businesses would have to go back to traditional means of transactions that might in turn risk the privacy of the customers and businesses conducting the operations.
For instance, the way China banned the transactions of cryptocurrencies is definitely one way to go, if governments really wish to defeat the growth of cryptocurrencies.
So, to answer the primal question of what happens if Bitcoin and blockchain move to oblivion, it is quite difficult to imagine, given the current involvement of these technologies in our daily lives.