I met someone back in 2017 who only bought Bitcoin on exchanges (in Europe, so it wasn't even a big exchange). He couldn't sleep at night knowing no one was going to be there to hold his hand and guide him through if he'd lost his password to his wallet like I showed him too, let alone private keys or seed phrase. Regularly loses his email passwords, apparently, and keeps multiple copies of housekeys, carkeys, etc.

So I get it, Bitcoin self custody wasn't for him. At least, I said his wife should know, but that went down a whole different route, and myself haven't figured out how to get my family/next of kin to properly use either. Unfortunate, but it's actually not difficult to imagine why people still flock to exchanges. If I were as rich as Coinbase guy, I'd probably also have private insurance.