Well, technically, yes. This technology could be stopped by governments if they would like to. The thing which makes this technology run is its community so if governments will be banning the usage, then this industry would be at risk.
The government sees bitcoin as a threat to traditional currencies, threatening to undermine central banks' control over money.
Many countries have promulgated laws and regulations that prohibit Bitcoin, but after a period of time, they announced that Bitcoin is allowed to be accepted.
It is difficult to implement a ban on Bitcoin in many countries unless the government fully controls the Internet. Such an approach will lose popular support. People will have some overreactions.
I do see it as a threat for the government in terms of avoiding taxation unlike with fiat based transactions which are monitored by governments of each country. Fiat still is more powerful so I doubt this technology would be more than that given the market volatility on the prices, there would be more people to still use fiat simply because it is less risky to possess than to lose due to market price volatility. But in the future, it is more likely to coexist with one another simply because of the difference in terms of preferences of both investors and non-investors of this technology.