The custidians now rule Bitcoin. Early adopters are far and few. Splintered. Many left for Monero.

Most people only want more fiat, not more freedom. They give a fuck about owning their UTXOs.

Now if by a future government demand custodians are not permitted to provide withdrawals to their IOU customers, that would be the final step before opening the price manipulation through fractional reserve Bitcoin banking. AI surveillance will make BTC an easy target for government exploitation and extortion.