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".
Well, that scenario would only happen if the government is already knowledgeable enough to play within the Cryptocurrency Industry but as far as most users can see, its not happening within the next incoming years. However, if a project failed that is completely reliant on banks and the government, it would really turn into something bad which can affect this Industry.