This is a good one. Gotta love this:

The Cave is the Fiat Banking System
Inside the monetary cave, what passes for “reality” are just projections.

Good analogy to bitcoin v ETFs:

That what we think is The Real World actually isn’t, it’s just a flattened projection of reality.

The article explains why bitcoin ETFs are not bitcoin, and highlights that counterparty risk will still exist with the ETFs (of course)

TLDR: ETFs are not bitcoin.