If BitCoin truly represented a threat to the ruling class they’d squash it. Instead they’re encouraging it.
Remember, while BTC may have a theoretical ceiling, it has no floor. How many decimal points are you comfortable with?

Precious metals have filled this niche for millennia. The prices (in fiat currency) of metals and of bitcoin can be manipulated by one who has no cost to create fiat - until confidence in fiat evaporates. Bitcoin, per se, is not 'needed' but some real store of value that can be used in trade but can't be created from nothing by the unscrupulous is needed.