Yes it could be so because bitcoin has pose a lot of threat to the banking sector globally. In as much many Bitcoin enthusiast will want to stop using the bank and be their own bank with bitcoin, we cannot deny the fact of the benefits we get by using the banks that bitcoin can’t offer us e.g taking of loans. If the government are still standing firm not to allow the legalisation of bitcoin, there’s no way it can replace the banking system totally. For now, it will continue to serve as substitute to bank but can’t eliminate the use of bank.
A threat to banking sector, I wouldn’t say that rather the threat is to governments who are concerned that there exploits or manipulation of the local fiat currency will be exposed by bitcoin and one thing the government is concerned is the lack of that control or centralization that they wouldn’t have not bitcoin replacing banks. Should bitcoin be accepted by the government or not it is not here to replace banks because there are still use of institutional banks still, bitcoin is only here to act as an alternative