I think the government feels threatened because this bitcoin has blockchain technology that can see all existing transactions and no longer need to use a bank so I am sure the bank is also threatened so that banks threaten the government and government feel threatened from banks and bitcoin I am sure of that.
Blockchain technology is not a problem for the government, what the government feel threatened mostly about is the idea that bitcoin and cryptocurrencies are bound to being decentralized and for that reason, it would be hard for them to control which is one thing they have only been used to.
It is more like saying for instance, that you have always been in control of something over the years and then, there is something that wants to take the control away from you, the same way you will feel threatened is the same way the governments are also feeling threatened now, but they simply know blockchain technology is the future,