With all this talk about national reserves, that idea basically means governments would be buying Bitcoin which means they could become even bigger players than institutional investors, since they have access to public resources.
They could buy as much as they want, and if multiple countries start doing this, they’ll end up owning a huge piece of the pie.
Now the question is -- is that really what we want to see?
Solid liquidity is best for any market. I am ok seeing the government buying Bitcoin and owning the huge chunk of the pie as long as they don't impose a strict regulation and mandatory rules to follow in dealing with Bitcoins.
And more importantly, will ordinary people still benefit from it?
Early comers will surely benefit from it. Like those who invest while the government is accumulating. If the government is constantly buying and putting them on reserve, theoretically the price of Bitcoin will steadily increase. Then those who normal people bought Bitcoin before the government finished accumulating will surely have huge profits. But normal people who does not invest until the government is done accumulating will find it hard to have a huge profit because the time when the governments are done accumulating, the Bitcoin market due to the high liquidity of the Bitcoin market (Bitcoin market price is stable).