I think this would be good news for the majority of people into bitcoins and crypto in general as the additional users and traders would definitely up the value of bitcoin given the would be increase in demand that comes as a result of this. Formal acknowledgement of bitcoin from a government would impose certain rules and regulations but I think it will play a good role because rules being set is there to ensure that bitcoin trading is legitimate and legal in terms of users and traders.  It gives everyone more peace of mind knowing that certain requirements must be followed before getting into bitcoins.  For me, that may be putting a leash to it but it atleast gives an additional layer of security and protection to anyone.