I believe Bitcoin will survive in the long term unless a vastly better technology replaces it.

I see absolutely zero threat to Bitcoin from a government or bank controlled “cryptocurrency”. The government already has a digital currency that it controls called the dollar. The thing Bitcoin provides that people see as so beneficial is its lack of centralized control. The centralized control aspect of currencies IS the part that people who use Bitcoin are trying to escape from. Believe it or not, there are quite a few Bitcoin enthusiasts, including prominent ones in the public, who would like to see governments ban the use of Bitcoin because they believe this will help to strengthen Bitcoin as an alternative.