yes, i think so. but at this point I'm not sure at all if this narrative about ngu does still hold true. bitcoin doesn't pump as hard as it did in the past for a long time. maybe this is the reason why they went for compliance, threw their ideals overboard and started worshipping spooks like saylor or fiat-mobsters like larry fink and "daddy" gensler.
Discussion
Hijacking Bitcoin: The Hidden History of BTC you might agree w/ that book.
BTC's still biggest crypto there's, NGU might keep holding.
I think what happened is that market's hunger and lust of pumping an asset found BTC to be the asset to pump a lot to infinity. BTC's nation/jurisdiction independent store of value function got out of control. Turns out there was a financial market need of a digital native finite store of value digital native asset like BTC.
Not that I think it'll happen but BTC can wipe the floor of whole crypto market w/ a couple of protocol updates thnx to it's head start and popularity.