Yes, this is a positive development that also came with much sacrifice and disadvantage.
If the government started holding Bitcoin and some altcoin as their reserve, it builds the reputation of crypto in the society, where they only have negative understanding about crypto, and we will see Bitcoin being used as the mainstream of payment (particularly border-to border). However, there's going to be a huge sacrifice in the aspect of privacy, and there's going to be a huge disadvantage in the area of market manipulation, which is what we are already seeing in the market as we speak. Besides, there's more to come and I hope we're ready for it.

The recent involvement of different national governments in crypto investments will not just bring development to the crypto space but will as well increase the societal value of crypto. Before now, there's been big investors who had serious doubts in investing their fortunes in crypto but are reluctant since they're not convinced enough but the recent developments will likely convince them of the importance of crypto. These recent happenings might not have instant positive impact but with time, it'll sure have a huge impact especially in price surge

Fulfilling his promise to the crypto community is a step to more trust for him from the people who voted him in. He may have used that to get his way on to the seat of the president but actualizing what is promised is what he’ll be remembered for even after he left the seat of the president. He has taken a very bold and courageous step and this will reflect back in the market and will bring a sense of hope to old investors and intending investors of the Bitcoin community. The steps will be follow suit by mass adoption from even institutional investors, so it’s all good for the development of bitcoin.

It is natural and there are many people who are still not sure about investing in bitcoin for certain reasons like the ones you mentioned.
But they forget one thing and that is that bitcoin can be invested independently without the involvement of a third party and even if the government does not support it, it will never be affected.
But that is how some people see developments and without regulation or support from the government some people will not approach investment.

Even some people who live in countries that make policies that allow involvement in bitcoin investment are unable to see the best opportunities and they still fail to understand investments that are so far growing well like bitcoin.

Big talks bring big spikes in the sentiment and prices alike.
But we need more actions 

More countries will see through the fud and will acknowledge the possibilities.
That is what matters in the long run of things.

Even with the recent development and the bullish of some government on Bitcoin and some altcoins. Some big investors still won't get involved in cryptocurrency investment because the potential Bitcoin showcase during the worldwide total lockdown is more than enough for every experienced investor to see crypto as a perfect alternative, and most of the institutional investors who are into Bitcoin now see a hedge in it through the lockdown season.

For the record, the percentage of crypto holders globally is still 4% despite the increase in the societal value of crypto. Since it's an innovative digital currency, it will still be hard for some people to understand it.

People were very skeptical about bitcoin but this move by US government will make many to have interest in bitcoin and other countries that are not friendly to bitcoin will learn to accept Bitcoin.

No doubt it is a good move indeed especially a good form of giving bitcoin more awareness to the world.  US choosing bitcoin as one of their reserves is surely going to be very much profitable and with this good step I so much expect other countries to make a move like this. I'm not surprise seeing bitcoin at this level where it is now, for sure bitcoin has the tendency of reaching to the height where it is now.

Things have been running towards the continuous growth of bitcoin globally and there's more indications that we are going more bigger in this, for the fact that the United State have also developed more consideration towards bitcoin reserve could also be an encouragement towards a continuous adoption from other countries and before we know it, bitcoin would have been made a legal tender in more countries than we already had.

And the current involvement of government is making everything more interesting because it will be more trust just that the manipulation is going to be much because this something that the government is always good at it and we don't have a choice than to fallen in there trap because there involvement does not  change the profit you will get and this is why am not really bothered about on what ever manipulation the government is trying to do. And all this is in the name of trying to boost the economy and if it turns out well for them then its a good thing because for some time now a lot of government individuals have been kicking against Bitcoin so why the sudden interest maybe the profit they are seen is what is given them more courage because I know the government very well anything that will not favor them they will  not want to get involved so this is more reasons, when you hold its safer than when you trade because of how the government will want to do there manipulation so all that you need is to concentrate more on the holding and do less trading.