It’s an IQ test. Bitcoin is anonymous, untaxed (for now) and quite liquid in and of its own right despite all the complexities of a cryptocurrency. A bitcoin ETF is taxed, has fees, may or may not be liquid at all.
To be fair, physical gold is anonymous and quite liquid. Does that mean GLD is an IQ test?
The Winklevoss Twins Would Like To Help You Trade Bitcoins With Their Bitcoin ETF –business insider