Correct, they don’t trust themselves, so they choose to trust someone else. The difference is that prior to Bitcoin, trusted third parties were not optional. And we have plenty of examples of the breach of that trust. We have a choice now and it’s sad that so many people will opt for the more dangerous road, instead of taking responsibility and become truly free.
Discussion
Re: custodians, Im not quite sure if I completely agree with you.
Multi Institutional Custody seems to be a secure way to hold your main chunk of bitcoin. Third party custody is okay if they do not hypothecate your bitcoin and if you understand the risks.
I do believe however that we should spend with bitcoin as much as we can.
That’s a lot of ifs. You are correct we should spend more Bitcoin tho.