Let's be clear about how important this is:
"The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers."
The market has been unsure there would even be a strategic reserve. Now, not only will there be one, actually acquiring more BTC looks likely (and there are various budget-neutral ways this could happen).
The immediate sell-the-news reaction aside, over the longer term, this is hugely bullish compared to the market's expectations up to this point.
Note: This will also kick up a notch the nation-state arms race psychology. Expect to see more 13F filings by sovereign wealth funds. And there will be accumulation that won't be disclosed.
Depending on how the "acquiring" part plays out in terms of details, if this turns into a big trade, it could be a career-maker for institutional guys who nail it.
Critical to watch this in coming weeks and months.
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