There has always been—and always will be—immense value in the optionality of owning physical bitcoin rather than holding it in any kind of wrapper. Just ask early GBTC shareholders, BlockFi users, or Mt. Gox creditors. Some preferred GBTC—until ETFs launched with far lower fees. Some now prefer ETFs—but with SAB 121, banks may soon offer a more attractive product. You might then trust banks—but later on, bitcoin-native DeFi could offer something far more compelling. Inferior products will ultimately trap you—extracting as much profit as they can before you’re able to easily switch to a better competitor. Owning physical bitcoin—or at the very least, bitcoin you can withdraw—preserves the optionality you need in an industry that never stops evolving.