Is Bitcoin a high-risk investment anymore?

Barring complete global meltdown and nuclear war, I see bitcoin as a fairly safe investment as long as you plan to hold long term.

I used to believe that bitcoin was a shaky, high-risk investment but the U.S. and other global powers aren't talking about banning it any more, ETF's are now a thing with companies like BlackRock involved. A single transaction of 1/4 billion dollars happened just the other day, and it's integrated into the U.S. tax system.

Is there a case I'm not thinking of (outside of global catastrophe) that I'm not thinking of that would make bitcoin irrelevant?