Bitcoin as a currency is a threat to fiat hegemony. Bitcoin as a commodity/capital asset is not. As a commodity Bitcoin can be and is being captured and controlled by the institutions who increasingly own or hold custody of it and treat it as a commodity. The revolution has been captured and controlled...and nobody noticed. You and I may still be able to zap sats on SN, (most of us technically breaching tax laws in the process) but use of Bitcoin as a P2P payments protocol has been almost completely obstructed. They don't need to impose a ban as long as very little MoE is happening. But, as insurance, the more institutional custody grows, the more effective any ban on private custody would be... Meanwhile, the more the speculative commodity narrative that Saylor expediently parrots is entrenched, the less threat Bitcoin is to fiat. The revolution was slyly sold out to greed. The contest for global monetary hegemony is now, realistically, primarily between the USD and the Chinese CBDC Yuan. Already at war, via proxy, in Europe and the Middle East.