I understand that, but let’s say you’re 70, and your nephew holds the coins in cold storage. Allegedly. That’s also counterparty risk — maybe he took your funds and did something else with them.

People are not ready en masse to self-custody with the current tools, but MSTR surely is ready to put the stock and bond market’s capital into it.

So the question is do those things coopt bitcoin (fake paper bitcoin on legacy financial rails) or does bitcoin via MSTR and the ETFs swallow the financial system into its rails (held in cold storage by MSTR.)?