Some governments (like El Salvador and Russia) are moving into bitcoin mining. If more nation-states accumulate BTC, what impact will this have on decentralization and price stability? Could this lead to geopolitical bitcoin wars?
We're already seeing that happening.
The reality is that, it won't be just countries becoming the new whales but corporate firms will become one of the largest holders as well since price appreciation in the future is more than enough incentives to hold treasury funds as strategy reserve in Bitcoin.
Recently Michael Saylor has proposed over $21B to buy Bitcoin. If my math is right, he would buy all new mined bitcoin from now till next halving alone.