If the supply is fixed and the ledger is transparent and there's a lot of wealth invested in it then naturally there is a lot of incentive to track value transfer. so chain analysis becomes a billions and billions business. as time proceeds the number of utxos without registered owners only decreases. unless there are strong privacy tools people can use conveniently 😕 It's easy to imagine BTC as becoming a surveillance chain maybe it will have high fiat-denominated "value" but it wouldn't be freedom money. default privacy is an unfortunate necessary condition for freedom.