It certainly will be competition for central banks, especially in countries where the monetary policy is kinda wacky, like Venezuela, where bitcoin is breaking usage records.
Here's an article by a Venezuelan economist: "Bitcoin Has Saved My Family": https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-....
He was only able to feed his family because he kept his money in bitcoin and not in bolívars, which was experiencing daily inflation of 3.5%.
If I recall correctly, early on in the life of Bitcoin, the United States had to infuse $14 trillion into the economy to save the banks and keep the country from going into a depression.
There's only so long people are going to put up with near zero interest rates or negative interest rates in some countries and with a slow down seemingly around the corner, Bitcoin's algorithmic certainly will look pretty good compared to the somewhat irrational economic policies that have been implemented.