Exactly. The vast majority of crypto "usage" is people trading on exchanges - which is pretty difficult to do when your crypto is stored in a wallet with the se

Exactly. The vast majority of crypto "usage" is people trading on exchanges - which is pretty difficult to do when your crypto is stored in a wallet with the seed phrases etched on steel plates and buried in your yard... As you noted the overwhelming majority of money worldwide is stored very safely in custodial fashion so people can actually /do something/ with it. As I've also noted before we're going to see a drastic uptick in the coming weeks/months/years of people losing access to all of their crypto because of the UI/UX challenges inherent with self custody. I don't think many of the people who are rushing out to buy a Ledger or otherwise move to a non-custodial wallet fully understand that unlike everything else in the world there is no password reset option or customer service number to call when people inevitably do what people do and make a minor mistake. There is going to be a lot of heartbreak from people losing everything because of forgotten passwords, wallets getting hacked, etc.