It will take loss of faith in the established financial system. Right now regulators are trying to implement the travel rule for CEX's which means that only verified government wallets would be able to withdraw from exchanges. By June next year, if this passes in the USA, no US citizens would be able to get their bitcoin off exchanges. In Europe, interesting that they are having a hard time passing this because of the recent internet privacy bill that applies to all in the Eurozone.

Another dirty trick would be inflation of CEX bitcoin beyond 21 M (by not submitting to blockchain truth). I would argue that unless you hold your own keys, it's not real bitcoin. This is going to be a crazy decade, but most of this should be settled by 2026.