Interesting point of view. It did start with gold. Can't they do the same with bitcoin? Bitcoins IOUs are in circulation even now (exchanges, bitcoin etf's, custodial wallets, security services etc.). I understand that it is not necessary as with gold, because it's much easier to move bitcoin than gold, but it is doable and you can make money of it and have some control over people with it (which is the goal of big institutions and governments). If it can be done and it benefits someone, it will be done.