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".
It's sad if they take bitcoin and become a playground, but that won't happen. I think all this will work well without the government and also bankers, bitcoin holders are quite varied and this will be a separate game by the community.