It has to be about market manipulation and control otherwise countries would not have Bitcoin in their sights. There is a limited supply of Bitcoin in circulation of which many have been lost because of inexperience or negligence. Over time countries will become the biggest whales because they have the biggest money available to buy.
I would also agree on your statement. I do believe that if a certain entity controls majority of the supply in the market, they can at least have a big contribution to its price manipulation in the market. But from the experience of many over the years, I guess this will not do as big damage as some thought of.