I have abstained myself from posting on hypothetical threads, but as far as this:
1. How are the governments going to buy Bitcoin from all the ideologists?
2. If that happens, government would make a lot of Bitcoin enthusiasts rich.
3. And then what, dump? And ideologists will still buy. Now what? It's not cyclic. Genie is out of the box. The banks and governments would have to tamper down the whole decentralization. Could they? No.
Bitcoin will go through hick-ups (hiccups). It may fail; but then it will be easily reinvented as we now know how it works. In its present state, it may not be convenient for transactions, not good enough to buy your decaffeinated expresso macchiato at your local virtue-signaling coffee chain. It may be too volatile to be a currency, for now. But it is the first organic currency.
But its mere existence is an insurance policy that will remind governments that the last object establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.
https://medium.com/opacity/bitcoin-1537e616a074Bitcoin might/might not become a tool of centralization. There would be another one, slowly building a network effect from the underground.
Majority of the world has come down to shared psychosis when it comes down to fiat, decentralization is a whole new term for them. They don't want change.
But transformation is something you would never know until it changed you.
I do believe that with SoV, Bitcoin would become a MoE, but now with the ETF's (even before that) getting into the scenario, not bad, but the peer-to-peer currency concept would be gone.
Store of value has a lot of established investments, top gold. If Bitcoin proliferation has to happen it should be as a medium of exchange or we are simply coming back to the circle that's shared with the centralized/governments, no change whatsoever.