Forget the "keys or nothing" debate. There are many ways to get involved in crypto and build ownership. Even if you don't hold your own keys, just getting exposure is a step forward. Let's explore different levels of exposure, from the most direct to the least.

👛 Level 0: have a wallet

You have your own wallet(s). It could be paper, hardware or hot wallets (we'll discuss the differences between those in a later post).

• ✅: total control of assets / available at all times
• ⚠️: full responsibility in securing keys & assets / maintain multiple wallets

🏦 Level 1: use a custodial

You rely on a crypto company, think e.g. Coinbase, (or your friend), to manage wallets and offer you exposure to the crypto asset you want to own.

• ✅: exported security / vetted list of assets (limited risk of buying wrong token) / investor protection / possibility to move crypto to wallet
• ⚠️: additional layer of trust / restricted list of available asset / platform risk / additional fees

◼️🪨 Level 2: own an ETF

You buy an exchange-traded fund (ETF) that tracks the price a cryptocurrency (think BlackRock's IBIT for Bitcoin, or the upcoming Eth ETF, and hopefully the Avax🔺 one in a bit 🙏)

• ✅: exported security / exposure to price / fits within stock portfolio / investor protection
• ⚠️: additional fees / price tracking gap / very limited list of crypto assets / no way to export crypto to wallet

🪶 Level 3: use a service indexing asset on crypto

You buy crypto from an investment platform that allows you to trade "crypto" (think Robinhood, CashApp, Revolut, etc, etc.).

• ✅: exported security / fits within stock portfolio / investor protection
• ⚠️: limited crypto asset list / platform risk / only exposed to price (in fiat) / no way to export crypto to wallet

⛏️ Level 4: own a stock/index directly exposed to crypto

You buy a stock from a company whose business is to make a blockchain run (think miners, such as Riot Platforms, Marathon Digital, ...).

• ✅: own the operators / fits within stock portfolio / investor protection
• ⚠️: no direct correlation with crypto price / limited crypto asset list / management risk / susceptible to external factors

🥇 Level 5: own a stock/index with treasury in crypto

You buy a stock from a company that has decided to have some crypto (typically Bitcoin) as part of their treasury assets (think Microstrategy, or more recently, Semler Scientific Inc).

• ✅: fits within stock portfolio / investor protection / backing believers
• ⚠️: limited crypto asset list / no direct correlation with crypto price / management risk / susceptible to external factors

🔗 Level 6: own a stock/index of companies linked to crypto

You buy a stock from a company that builds products that are helpful for the crypto ecosystem (think Nvidia).

• ✅: fits within stock portfolio / investor protection / backing builders
• ⚠️: no direct correlation with crypto price / management risk / susceptible to external factor

Also, there is nothing wrong with having a mix of those options.

Remember,

being involved in any way is already a great contribution to the ecosystem,

so shout out to all of you out there!

What do y'all think? Have I missed anything? 🤔