Would it be fair enough to assume that the project has failed, or failing?
90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".
They can just type numbers into their computers and create money in an instan. It wouldn't surprise me if they have stockpiled large amounts of bitcoin already. I don't think it has failed if the banks control 90 percent of bitcoin because the most important thing is your are in complete control of your own funds. They can not be seized without your private key.