That's what I'm saying. They people have it, the institution does. And you need to trust whoever regulates the institution that they have the bitcoin that they say they have.

You want to hold it yourself if you want to spend it. Having it on an exchange could have withdrawals stopped at anytime. Also there are high fees when spending from an exchange. 

But seriously... How you do use it? Spend it? 'Send it somewhere'... if some institution holds it?

If it's at an exchange... at least there are 'sats' somewhere listed on your account. But I've never heard of / seen an ETF mention Sats it's just 'shares.'

So you flee the country. War. Famine. Conflict. Bombs. Whatever. How do you take your sats with you if they're on an exchange?

And then how do you 'spend it' to live if you don't custody it???