Trezor CCO warns against investor reliance on Bitcoin ETFs

Danny Sanders, CCO of crypto hardware wallet manufacturer Trezor, has warned that the growing trend of Bitcoin investors relying on ETFs instead of holding their own private keys will negatively impact the industry, The Block reported. Speaking at a Bitcoin event in Prague, Sanders acknowledged that self-managing Bitcoin can be burdensome for newcomers. He stated that of the approximately 600 million crypto users worldwide, only about 10% practice self-custody, with just 12 million to 13 million of them using hardware wallets. Sanders argued that the industry should encourage investors to adopt self-custody through better user experiences, educational tools, and backup systems, rather than pushing them to depend on custodians. He described the mindset of simply investing in an ETF as the most difficult challenge to overcome, calling it the "worst outcome for the industry."