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Crypto analyst Willy Woo argued that comparing Bitcoin self-custody to “becoming your own bank” is inaccurate. In a post on X, Woo said that when people deposit money at a bank, ownership of those funds shifts to the bank, while depositors retain only the right to get their money back as long as the bank remains solvent. By contrast, he said, directly holding BTC means the owner never transfers ownership in the first place.
After an X user identified as Felix criticized Woo for having sold out to ETFs, Woo responded with self-deprecating frustration, saying he now appeared set to be attacked by another hardline BTC supporter.