"Without getting into all the nitty gritty details, that’s the theory where people need to understand that fractional reserve, while being a bad thing, is not necessarily the devil."

No no no absolutely not. If you concede to the idea that you need a custodian for your bitcoin, then you concede that you quite frankly don't need bitcoin. If you're good with using a custodian, there are many gold vault custodians I could hook you up with.

Even worse, if you're gonna full smol brain it into recreating fractional reserve banking, the 1971 rug pull or a more recent example, DeFi, Celsius, and the Celsius rug pull, just stop, you don't need bitcoin, just use dollars and the banks you already have.