There is a fundamental difference between "owning" Bitcoin that is custodied on an exchange and holding Bitcoin as a truly sovereign individual.

When you own Bitcoin on an exchange, you are essentially trusting the exchange to hold and manage your assets on your behalf. This may offer a degree of convenience or ease of use, but it comes at the cost of relinquishing control over your own financial resources.

In contrast, holding Bitcoin in a private wallet that you fully control enables you to maintain full custody and sovereignty over your assets. This means that you are not reliant on a third-party intermediary and can transact and exchange Bitcoin as you see fit.

So, I would say that owning Bitcoin on an exchange is more like wearing a t-shirt that belongs to someone else, while holding your own private keys is more like owning and wearing your own clothing. While the former may provide some short-term benefits, the latter is ultimately more empowering and secure.