Some people are smarter than we think, but a pretty good number are pretty darned dumb. Even if they are savvy enough to manage their own money in direct custody, do they want to?

I guess I'm still a maxi in a sense, I'm just very skeptical that most or even many people will self-custody bitcoin itself. I think something like "banks" will exist to hold our bitcoin, insure it, give us interest on it, and provide a convenient way to spend. And anything resembling a bank will be regulated by government, which means transactional oversight and power to stop transactions or entirely "un-bank" individuals.