If they are holding it on a CEx, it would be worth of a few of them. But holding them as ETFs or ETNs don't worth any of the inherent values of Bitcoin at all.
Why do you feel bitcoin at an exchange retains some of bitcoin's value props? Also which ones?
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Borderlessness Digitally native money No inflation
I think for these. But, yeah I don't believe that anyo e must be hodling there. CEXs are for trading only.
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Digitally native is a good point.
The other two: I am not so sure about.
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I must admit, I'm not well versed to answer this but for the sake of trying, here's my reply-
Borderlessness because, we can send or recieve payments there as well.
No inflation because the value is written same on custodial or non custodial wallet.
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