If the supply is fixed

and the ledger is transparent

and there's a lot of wealth invested in it

then naturally there is a lot of incentive to track value transfer.

so chain analysis becomes a billions and billions business.

as time proceeds the number of utxos without registered owners only decreases.

unless there are strong privacy tools people can use conveniently 😕

It's easy to imagine BTC as becoming a surveillance chain

maybe it will have high fiat-denominated "value"

but it wouldn't be freedom money.

default privacy is an unfortunate necessary condition for freedom.