"Investors" think about bitcoin the asset, but don't think about bitcoin the network.

The ETF is an attempt to control real bitcoin and give paper bitcoin IOUs to 'investors'. We are witnessing the same with the attempts to KYC every transaction. They appear OK with people using paper bitcoin as long as it flows through their channels. That way they can keep control. They are OK with custodians as long as they are registered, comply with money transmission laws and KYC their users.

At the same time, I expect we will see attempts to make illegal or prevent people from using bitcoin sovereignly through its own channels (on-chain and Lightning). Hence the terminology of 'unhosted wallets', the "travel rule", the attempts to criminalize on-chain privacy and so on. This is what I mean when I say we are at the beginning of the 'then they fight you' stage. It's in this stage when people will have to forget the "number go up" meme and instead adopt a "sovereignty go up" mindset. If you don't reclaim your freedom, "having money" is useless.