When a hardware wallet executive says "Having all Bitcoin in ETFs is the worst outcome," he is actually pointing to a structural contradiction masked by the bull market: the convenience of ETFs is systematically undermining the self-custody culture.

Trezor's Chief Business Officer, speaking at BTC Prague, was not opposed to ETFs but highlighted a dangerous trend—only 10% of the 600 million global crypto users self-custody, with about 13 million hardware wallet users, while US spot Bitcoin ETFs have already attracted over $53 billion in inflows.
Users are replacing "ownership" with "convenience."
ETFs indeed lower the barrier to entry, but they turn Bitcoin into a traditional financial asset, relying on custodians, subject to regulation, and unverifiable on-chain.
This creates a fundamental tension with Bitcoin's core logic of "trustlessness, verification needed."
What’s more worth pondering is: if the vast majority of Bitcoin ends up encapsulated in ETFs, then on-chain security, censorship resistance, and personal sovereignty—these core values—will become niche narratives.
The industry needs not just better ETFs but better self-custody experiences—otherwise, Bitcoin might become another form of digital gold ETF, rather than the peer-to-peer electronic cash it was originally envisioned to be.
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