* Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.
This is true, the wider the adoption goes the lesser the use of fiat and the government role on the individual finances, but they wouldn't want that to be, because they have their own way of extorting which is beneficial to them than to everyone of us, they also want to exercise authority over everyone's financial lives.
* In its current form, Bitcoin presents three challenges to government authority: it cannot be regulated, it is used by criminals, and it can help citizens circumvent capital controls.
Because bitcoin is decentralized, they often termed it as an avenue to harbor those looting government money and other related crime and financial theft under these category and called it scam and all manner of name, yet the government are interested in the blockchain technology.