If Bitcoin becomes a global reserve asset or a neo form of gold, why wouldn’t governments attempt the same playbook? The more BTC is centralized in custodial institutions, the easier it will be to seize. It will only become more tempting and more politically popular to seize that Bitcoin with time. Sure, today it seems inconceivable. In 20 years, when Bitcoin is worth $10M per coin and 90% of people don't own even a tenth of a single coin, it will be a different story. The political majority will be the first to forfeit their fraction of a coin for 2X its current market