We can list many obstacles that threaten Bitcoin. It can also cause short-term concerns.
I think the biggest threat to Bitcoin is that all states unite and ban it. This does not seem possible. It may pause, its price may fall, but it will not reset.
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True government bans were among the top risks for bitcoin. However, that never was a threat to stop it but slow it down. Usually, nonsense bans end up being reversed. The thing with global governments is that they can never unite on anythings.
We are well past the banning phase. Few countries kinda did bans of sorts, and found out they were on the wrong side of the history.