Exchanges aren’t bitcoin. FTX didn’t even have bitcoin on it’s balance sheet.
Discussion
actual Bitcoin isn't attractive. you actually have to pay for it to get it.
Yeah self custody is less than convenient for normal people right now, but we’re still early. It’s only getting easier to be your own bank with bitcoin
the main reason you run a bank is to make money off credit. Bitcoin isn't a bank replacement.
The point is to replace that dangerous profit scheme that ends up hurting normal people. From a bank perspective it doesn’t replace their business plan, but from a consumer standpoint it replaces their exposure to that scheme.
It’s impossible to get a hold of my bank, they screw up my ledger all the time, and they’re constantly telling me that buying btc is not a typical transaction and that I need to call them. Banks are way more inconvenient than holding btc in cold storage.