The 'full coercive power of the state' part of your comment seems invented out of thin air. Where does he advocate a military crackdown on Bitcoin?
If anything, we have a vast set of regulations that are enforced with an insufficient amount of coercive force, sometimes with no coercive force at all. Many of those said regulations are ignored by people like bankers who know that any defiance will at most be punished with small fines.
When men with guns show up to lock you in a cage against your will I don't think it particularly matters if it was the "full force", half the force or a tiny percentage of the force of the state... the end result is the same.
As for the second part of your response, I suppose the level of necessary regulation and enforcement is another topic altogether and one which I didn't attempt to address in my initial comment.