The state becomes more rich and powerful with fiat, Bitcoin dismantles that power, even if they still hold wealth in a Bitcoin economy.

Bitcoiners also become disproportionately rich and powerful in this scenario, which is appealing.

And I don't think many are excited about the actual act of the state buying Bitcoin - what's more important is what that implies about the value of Bitcoin itself, which is what we are seeing be priced in.

Not a single new Bitcoin in the SBR, but just the idea that they could do that is enough to make others act.