Trump officially signs Strategic reserve and people are selling the News.
What are they even thinking
They're thinking it is a big disappointment to use seized Bitcoin for this instead of announcing a buying plan, as the rumor going around is that Trump is going to put in place a plan to buy 1 million BTC over the next 4 years. I believe that announcement was rumored for tomorrow, so this would be setting the stage for it.
I think everyone knew this executive order was coming, so I don't feel one way or another about it. I do have high hopes for tomorrow and would understand a selloff if no announcement was made about buying Bitcoin for the reserve going forward.
It is indeed a big disappointment in reality because with that, there is no fresh capital inflow from the US government. If this is all there is about those bold proclamations Trump made during his campaigns, I'm afraid that it will not move the market like we all thought it would. He still need to work out ways through which the US will actually buy Bitcoin, for that is what will create confidence among investors.