I wonder why the government attributed Loki's bounty to be "special". And he is the first pirate(non-affiliated to balance of power) we know of to be in the 2 Billions range. So far, Oda skipped the bounties from 1 to 3 or more. Could it have anything to do with that?
Until now Oda attributed 1 billions berry bounties to commander lvl guys with 3 billions berry bounties or more being reserved to top tiers(except Law and Kid whose bounties come from alliance distributive affiliation of taking down 2 yonko)
So Loki is kind of the first one with a bounty in between likely due to his individual strength(he apparently has a crew but seemingly coc fodder cleansy crew) with him being implied to have been a pirate suggesting his bounty most likely coming from a raid he did outside of Elbaph before his capture 6 years ago
And coincidently Shanks became a yonko 6 years ago as well, making you wonder if there is any relation between both situations.
In either case, from his portrayal, Loki should be anywhere between low top tier and mid top tier. His bounty, him being the strongest in the strongest country, Luffy sensing his power from miles away and wanting to meet him, all suggesting that. Time will tell, but I get the impression that Loki will end up acknowledging Luffy's strength when he'd see his Nika form since he wants to believe he is Sun God, but realizing it's Luffy instead
I like chapters where Oda focuses more on Luffy's intimidating power / haki though, with more variety in the usage of other gears(like g4 in this case) with me hoping he'd get a comparison with Shanks at one point
Also curious in the potential discussions between Robin and Saul, maybe involving Kuzan as well.