Yes... slowly and then suddenly.. yes it could happen, but I would not count on it happening, even if it could.
If it looks like it's happening while the US still have about as much power as they have today, there will be a mighty reaction. Bitcoin can't be stopped and we know it, but it can be badly maimed/hampered. One thing is let the Saylors sail, the hedgies hedge, and the Musks musk, quite another is China dumping free falling US debt, or oil suppliers going "btc only, please". I definitely don't want btc to look like a serious balance-of-power threat to usd as it is now.