I doubt Bitcoin will be made illegal. By itself, the Bitcoin network is just a mechanism for passing around signed messages and calculating hash values. It would be difficult to outlaw that without running into constitutional free speech issues.
I think that's a bit too simplistic in today's world - "passing around (signed) messages" is basically the only thing the internet does, so if you see that protected by freedom of speech there would be no such thing as cybercrime, right?
Freedom of speech was probably originally not intended for anything like the internet, where "speech" suddenly got much more powerful - a simple data-packet (=speech) can be anything, from intellectual property to malicious code.
Although I do sympathize with the "no data packet is illegal" point of view but to justify that only with the first amendment is probably not enough. On the other hand I am not from the US, so I might be wrong about how far you go with freedom of speech.
Sadly, with the "magic words" mentioned, severe cuts to basic civil freedoms seem to be justified pretty much anywhere in the world...