Interesting point about self custodied bitcoin being viewed as the bad bitcoin by the powers that be. As bitcoiners we always look at it the other way around. I do think that could be a sales pitch used by wall street and the government. I don't think they will ban self custody but they will try to scare you out of it. PSA: "We are the government and we are here to help. Only drug dealers, hackers, terrorists and crazy people hold bitcoin in self custody. You are going to get hacked, and lose all your money. Our friends at blackrock will take care of the difficult, confusing, dangerous part of custodying your bitcoin and give you these really cool shares in return that you can hold in your KYC AML compliant brokerage account like honest, good citizens do."

I am not as negative on the etfs as you are but they are a co-opting risk. It is really important that bitcoiners don't get complacent as wall street feeds the number go up. The next crash is going to be epic. Cramer will be losing his mind on CNBC after it crashes 30 percent in a few days after he just told everyone to go all in at the top tick.