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Second, I believe that Bitcoin ETFs are bound to serve as gateways to crypto’s promised land of self-custody, just as centralized exchanges did over the past years. A virtuous cycle might actually unfold where millions of people get ETF exposure to Bitcoin, learn the benefits of digital ownership, and ultimately opt for true self-sovereignty. Interestingly, from 2004, the approval of the first gold ETFs didn’t hinder gold’s private ownership either; instead, it popularized it.