Risk of MSTR, IBIT, GBTC managers being foolish or compromised is a huge red flag, compared to owning BTC directly. But don't discount the value of having an on-ramp for the vast majority of the savings of the average person -- locked into a closed-loop retirement system. I see a bigger potential risk in the first major price downturn after this run is over...might poison normies' attitude for a long time to come