I'm starting to wonder if there will come a point where Bitcoin becomes the preserve of nations and mega-corporations, with individual holders squeezed out.

I can even see a situation where private ownership of BTC is banned by various countries, with steep fines and prison sentences for anyone they find holding any, and of course the BTC confiscated confiscated and added to national reserves. I can see the US, UK, EU, Canada and Australia leading the way on this.