Yes  the Fed, Central Banks, Banks and superrich can and will do that. So apparently undermining Bitcoinis purpose as a real reliable money for everyone, as it is no longer available to normal people. But Bitcoin could still work if workers insist on being paid in Bitcoin, instead of 'printed' Fiat.
 
Central Banks, Banks and Super-rich would buy and 'hoard' Bitcoin and so apparently nothing has changed in terms of wealth distribution.  But over time they would have to release their BTC  to pay worker / soldiers etc  for real work that needs doing. So for the first time since Gold / Silver was the main currency,  workers / soldiers / etc  would receive pay in something with real value.

What is likely to blow this scenario is this if the Central banks issue their own centralised blockchain cyrpto, where they control the math in which they can create as much as they want. They force Jane+Joe Public to switch their Fiat to ther new Digital Fiat, with marketing its great, for you, bla bla bla. Then they ban old USD and Bitcoin as legal tender.  Like the Gold confiscation in the 1930's (https://en.wikipedia.org/wiki/Gold_Reserve_Act).

To see which way it goes will depend on work starting to get paid in BTC. Apparently the millennials bought up in the internet age could drive that by insisting to be paid in BTC. But they could equally be brainwashed into a new Centralised Central bank Digital Fiat currency.