It looks more and more that Bitcoin won't be a big threat to the establishment. It can't scale up, which means transactions fees will become so high that only a small group of rich people can afford to use it.

If the price will continue to go higher, block rewards will become very valuable, which means that mining will be centralized. When mining is centralized, governments can gain control by threatening to shut down powerlines for mining operations. Electricity consumption will be so huge that normal datacenter aren't going to be enough.

If I was inclined to conspiracy theories, I would say that governments allow Bitcoin because they know it can't scale. When it can't scale, it won't be a threat to them because ordinary citizens can't use it for daily business.