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".
The situation with bitcoin in this case is the same as with other assets in the financial market. Whoever has more money, he also runs a feast. I don't think anyone will play games. Most likely, bitcoin will be treated seriously as an investment instrument.