Not entirely yet but we are heading in that direction and I believe the only reason for it is because people wanted it to happen for some weird reason. We can see over the past couple of years how many people were excited about ETFs to be introduced, how many still get excited when some centralized company talks about buying bitcoin or how some politician talks about buying it.
Initially I was also excited about bitcoin ETFs and institutional involvement in bitcoin but recently, I have been having a bad feeling about it especially as I imagine that taking the decentralization of bitcoin to a large degree. If a bulk of the bitcoin fall into the hands of the governments and the institutions, which is where we are going, it simply means that the power and control would have been returned to them.
Now we can only hope for decentralization in a different form. Meaning if one country bought bitcoin or started controlling a high hashrate, we should hope that other countries do the same so that "power" doesn't centralize in one country under one regime.
That makes me think that we will get to a point where the power of a nation could also be measured by how much bitcoin they have in their reserve. Funny but we may see something like that happen eventually. I don't believe that China and Russia will just sit behind and watch the US buy all the bitcoin, that is why I feel that nations will soon compete on who own more bitcoin than the other.
