Andrew on why only 2% will actually self custody their Bitcoin in 3-4 years
The parallel he reaches for is stock certificates. Almost nobody keeps them at home, and custody and insurance are only part of the reason. The bigger one is that a piece of paper in your own vault is difficult to borrow against, while the same holding in a brokerage account isn’t. That changes behaviour, shifting people from buy low and sell when you die toward buy low and keep borrowing against it. He thinks Bitcoin follows the same path, and that the shift is already underway. His projection is that within three to four years, the people still holding their own keys will make up around 2% of Bitcoin owners, which he’s careful to frame as his opinion rather than a forecast.
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