I understand your argument. As an old gold bug who watched "paper gold" be manipulated by world governments to promote their fiat, I had the same fear. However, I have spoken to very smart bitcoiners who think a spot etf would be beneficial to bitcoin. They reason that it would increase institutional investment, and they don't believe "paper bitcoin" is a risk because, unlike gold, the supply is not controlled by any government. I go back and forth on this myself.