Bitcoin’s onboarding problem is still self-custody, not product packaging.
Trezor Chief Commercial Officer Danny Sanders framed the issue in blunt terms. In his view, simplifying self-custody remains one of bitcoin’s biggest onboarding challenges, according to The Block.
Why “ETF first” misses the point
Sanders’s criticism targets a familiar reflex in crypto policy debates. The idea goes: if people won’t manage keys, route them through an ETF.
The Block reports Sanders calling “let’s just put it in an ETF” the worst outcome for bitcoin. His underlying concern is that this approach solves convenience while avoiding the harder work of teaching users how to hold bitcoin responsibly.
That distinction matters for the real world. Self-custody is not a niche activity in bitcoin. If the user base never learns how custody works, the ecosystem becomes more dependent on intermediaries, even as it claims to be about permissionless ownership.
The onboarding gap Trezor is pointing at
Sanders’s specific focus is onboarding. The Block notes his position that simplifying self-custody is still one of bitcoin’s biggest onboarding challenges.
That phrasing signals where he thinks progress is actually needed. It is not enough to add more “wrappers” around bitcoin exposure. The friction is still at the moment someone tries to hold their own assets, secure them, and understand what can go wrong.
For readers, the implication is practical. Tools and processes that reduce key-management complexity would likely do more for long-term adoption than political or financial instruments that may keep users at one step removed from custody.
Who gains, who loses room to move
The Block’s account of Sanders’s comments points to a power shift that shows up in many bitcoin debates. When the path of least resistance becomes regulated exposure rather than self-custody education, decision-making concentrates elsewhere.
ETF access can lower the barrier to getting bitcoin exposure. It does not, on its own, train people to manage risk tied to keys, recovery, and device security.
Sanders appears to see that trade as the wrong direction for bitcoin, hence his “worst outcome” label. The policy conversation gets easier. The custody conversation gets deferred.
What to watch next
Sanders is not arguing about bitcoin’s technology. He is arguing about adoption mechanics. Per The Block, his key point is that simplifying self-custody is still a top onboarding challenge.
If policy and market structures continue to dominate the discussion, the custody problem may stay unsolved. Meanwhile, hardware wallet makers and custody UX teams will keep pressing for the fixes that make “owning” feel attainable without turning users into experts overnight.
For now, the story is simple. The regulator-friendly route may be easier to package. But Trezor’s exec says it is the wrong fix for bitcoin’s onboarding bottleneck.