BTC is already controlled via the continued need to exchange for fiat currency. Every time someone buys or sells BTC, it's tracked, and suspicious transactions lead to frozen bank accounts, IRS audits, and even arrests.
The blockchain can be controlled by anyone who can afford to buy or build 51% of the hashing power, or by anyone who knows a secret way to create collisions in the hash algorithm. If you can print unlimited amounts of money, a 51% takeover is easy, and could be done in an unnoticeable way (until double spends start happening, but they'd be more interested in preventing people from moving coin).
BTC is already controlled via the continued need to exchange for fiat currency. Every time someone buys or sells BTC, it's tracked, and suspicious transactions lead to frozen bank accounts, IRS audits, and even arrests.
The blockchain can be controlled by anyone who can afford to buy or build 51% of the hashing power, or by anyone who knows a secret way to create collisions in the hash algorithm. If you can print unlimited amounts of money, a 51% takeover is easy, and could be done in an unnoticeable way (until double spends start happening, but they'd be more interested in preventing people from moving coin).