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 Do you remember 2022 for example where Canada government force banks to freeze account of protesters ? Do you remember Mt Gox and FTX ? Do you remember The Greek Financial Crisis with impossible withdraw, do you remember Tether freezing usdt (because you don't own the erc20), exchanges freezing crypto because of AML... is it emotional or factual ? There is no merits of custodial solutions, it's something that Satoshi didn't want, it's something very dangerous yes, Bitcoin is useless if someone else own your key because you can be fucked at any moment like your money in the bank, there is absolutely no sovereignty at all here. Why did you say "without justifying why that outcome is likely" ?