This is a positive development for the crypto space, even though the market remains highly unpredictable. It might just be a matter of time before we start seeing some big moves.
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
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.