It will blow the lid off btc, send it to the moon. I can see it legitimizing crypto for many who would never consider it before. They have a ton of btc to play with, they will move the price every day.
This won't really legitimize Bitcoin. It's kind of designed for exactly the opposite. This will allow people that don't want to get dirty by holding Bitcoin directly to get in on the action. Like when drug lords invest in a Vegas casino. The casino gets the drug money without having to sell a few kilos of dope.
Investors like to have a few percent of their portfolio in super high risk high yield investments. If their risky investment succeeds it increases their bottom line a great deal. If it fails it doesn't drop their bottom line by very much. Buying riskier assets with a low correlation with each other is the classic diversification strategy. Bitcoin also acts like an inverse preformer which could allow hedging of less risky investments. Hedges aren't really legitimate investments. They are more like casino dice rolls that you're gambling will pay off if everything else in your portfolio tanks.
Sounds like you don't follow the industry, then. Whether you like it or not, it will legitimize Bitcoin in an area where there is lots of money ready to move in.