Correct. I'm talking about reference pricing for the ETF.
Real bitcoin will always be real bitcoin based off consensus and the price will always be what a willing buyer and seller choose to echange.
But the price of the paper bitcoin is indirectly determined by the fund who can choose the reference chain.
Msm and others will pick this up without nuance and I guarantee we will see news articles saying something like "Blackrock determines ESGbitcoin to be the real bitcoin"
Who cares if that does happen. Again they have fidelity and Valkerie and all these other companies that are going to sell real Bitcoin in an ETF. That would be a total failure on their part
It matters insomuch as public perception and worldwide adoption of bitcoin matter. If we are striving towards a bitcoin standard, it matters a lot.
To me personally and most bitcoiners with true conviction and low time preference, it won't matter in the long run. Like I say, game theory will win out. But it does matter in the short term and to the general public.
The existing tradfi exchanges and msm control much of public perception. If they push normies to try and believe anything but consensus bitcoin is bitcoin, that will absolutely damage some of the progress bitcoin has made to date when it all eventually falls apart or some scandal/rugging strikes.
