This is correct. Majority of people are not worried about borderless transacting or censorship resistance. They just want more money. Hence why self custody is going the way of the dodo, which means Bitcoin's sovereign properties are weakening over time. On a long enough timeline it will lose some of its core value proposition, unless events in the world around us force a re-rating of those properties among everyday people. Like if the state becomes more restrictive on capital. Otherwise, it eventually becomes a state captured digital collectible.