Recent events, crypto banks closing and exchange blowups, have fortunately reduced the risk that the banking system creates full paper bitcoin like they did with gold.

To me this was a big risk. I was worried that they would create banking bitcoin accounts and then use the exchange blowups to motivate people to transfer their bitcoin to banks for safekeeping.

It would be a short line from there to blocking transfers to unregistered wallets, and starting to sell paper gold to control its price. Once the NgU is suppressed and manipulated, they could delay adoption for a generation.