This is how the existing businesses react to the new innovations because of feeling insecure, they see the new ideas putting an end to their monopoly in the system. An alternate source always brings competition with it and the opportunities to coexist.
In case of Bitcoin I think the competitors are not commercial banks directly but the authority that generates fiat currency of a country are the real competitors. That's why it is banned in some countries while some of the  countries are constantly making laws in the name of regularisation to get control of BTC.