As bitcoiners argue whether ETF and MSTR are good or bad for bitcoiners, I'm wondering if BlackRock Grayscale Fidelity, and Saylor realise that a very large part of Bitcoin value comes precisely from – ironically – the ability to self-custody.

Without it, what they are holding would be as worthless as if they created their own BTC forked clone...

In an extreme case scenario where they'd buy *all* the Bitcoin, value would simply free fall to zero. Question is: How much can they gulp before reaching the tipping point?

Most people buying price exposure through ETF or MSTR understandably don't understand this. Heck, many self-custodying bitcoiners don't either. I would like to know if the people running these giants do. 🤔