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Everywhere we go the Villain is in charge or he's planning a coup and has a crew to match up with the straw hats. Loki isn't in charge, doesn't have a working plan to take over and so far no crew either. I'm going 70/30 he's not the villain.

I think he'll definitely fight Luffy at some point but i'm still not sure about him being the main villain. Oda can't afford to spend an entire arc on some random dude he just introduced so i think it's more likely an important and established character like a Yonko, Xebeck or some admiral will...