From a layman perspective, I think if he is using the ticket/vr cruise analogy, then buying etfs wouldn’t be buying the cruise ticket and using VR to participate, it would be buying a VR headset to see what a cruise ship is like. I am hopeful that retail consumers will like the tour and then buy the ticket themselves.

I don’t disagree that’s it’s the worst of the choices but for someone extremely risk averse, who has an inkling of interest in Bitcoin, it provides an opportunity for risk mitigated exposure.