Why should some countries be afraid of government sanction on bitcoin as an investment or asset to hodl, what have they done to El-Savador that first adopt bitcoin as a legal tender, bitcoin has to be understood in the same perspective as the same money used for making payments because it's a legal and acceptable means, they cannot assume it to be an illicit currency just because they hodl or it's been volatile.
Most likely in this case it is fear because if you look at the current condition, the greater the adoption of bitcoin,
the more the central bank loses control over monetary policy, which does not specifically mean that as bitcoin grows, their regulatory conditions within the central bank will be weaker so of course this will allow the government to worry about the control they have if it is weaker.
Indeed, for those of us who really want freedom and without connection with other parties it is good but certainly not with the government because that is what makes some countries including large countries not dare to take risks.
Even small countries like El Savador are risky but of course they clearly know the benefits will outweigh the disadvantages.
The Cabal, the Oligarchs, and the Banksters would also lose the psychological and philosophical context of the question, "What is money"?
Because if Bitcoin could be a better form of money, that means they lose control over what defines something as "money". They don't want that. They want to maintain this idea that "Money" is what the Central Bank issues and what the government allows its citizens to pay their taxes in.