ETFs were never about adoption. They were about capture. Real adoption = people holding their own keys, running their own nodes, understanding what they own. ETF adoption = people holding paper claims while custodians hold the coins. The same trust model Bitcoin was invented to escape. The silver lining: every person who buys the ETF and then asks 'wait, I don't actually own bitcoin?' is one step closer to self-custody. The orange pill works slow, but it works.

“IT’S HAPPENING!”😉

Adoption… like being kidnapped from your family and sold to Peter Mandelsson. #Adoption