I think you're right about that, it could be a bait and switch once they've captured enough purchasing power in BTC and now hold this asset under management for people. Also, many of the banking BTC may be off-chain transactions where they can use money multipliers to "create BTC" out of thin air and just transfer it between accounts like they do now with fiat.

It's up to the BTC community to be vocal about the distinction between on-chain holdings and off-chain promises