"you can just buy the ETF" is meeting them where they are. This compounds the issue, it doesn't make it better. Separately, I'm a fan of graduated wallets. Ecash, custodial lightning, liquid, on chain... I'm not saying it can't be a stepping stone, but for most people it's good enough and to me that's not good enough. The whole thing is pointless if people aren't actually holding Bitcoin themselves. In that case, we've just reinvented the old system.