I think the largest threat to bitcoin is not having a free market for price discovery. The ETFs essentially turned the the gold market into a phony price. Same will happen at this rate with BTC.
BTC in an ETF is not a threat, that's why Hong Kong got approved this week after Yellen met with Xi.
If the world does not get the price signal they will be left in the dark.
I dont think many appreciate this. Centralised price discovery is the goal of Wall St, for everything. Thats why Larry Fink said "we want to tokenise everything". When you tokenise everything, you de-materialise everything and centralise everything and then it can be diluted or pledged as collateral in a fungible blob by the usury sharks. The gold price quoted on every media outlet is the nearest derivative(paper) price. Even gold bullion dealers use this price. If bitcoin loses its decentralised price discovery(some say its already lost) then we are on the road to bitcoin becoming irrelevant.
