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.