What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
I don't think they can do that at all because one of the motives behind the creation of Bitcoin was to gain one's economic freedom. Because the matter is online and it is difficult to trace the owner of the wallet by tracking the transaction only through the wallet address. And if it can do that, people's trust will go away from Bitcoin. If the government closes the centralize exchanges, then if people build a peer to peer community among themselves, then the work will continue even after the ban or seize. However, developed countries like the USA can use their technology to stop the use of bitcoins even if they cannot seize their owners.
People who keep their crypto in exchange and online wallets will lose their assets and the government can control their accounts or can seize them if they want. So that is why you don't store your crypto currency and bitcoin in an online wallet or exchange.
If the centralized exchanger is in that country or can be controlled by the regulator of that country, then the user's funds will be seized.
The beauty of bitcoin is that you, only you can control them if you store them on a hard wallet or non-custodial wallet. So keep your assets where you can control them.
If this happens is really going to happened ever then non-custodial online wallet will be the option for holding bitcoins because if you use hardware wallet for holding on that time then at first you have to buy hardware and where from you buy that product there can be a option of tracking to you and at the end you will be seize