I could see a couple of things that could cause it serious issues.
1. This one is less likely to happen. Something happens to the bitcoin network (a loose term meant for generalization) and it causes a lot of people to lose bitcoins. If people suddenly fear that their bitcoins can disappear at any time they will bail.
2. The more likely option would be a major country like the US or a group like the EU making a law forbidding banks, credit card processors etc. to process Bitcoin transactions. It could be similar to how online gambling was smacked down in the US. If people can't trade their bitcoins for cash, they are going to be next to worthless.
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