As a seasoned researcher with over two decades of experience in the financial industry, I’ve witnessed numerous shifts and transformations, but none quite like the Bitcoin revolution we are currently experiencing. The strategic move by Genius Group to invest heavily in Bitcoin is intriguing, especially given their commitment to a ‘Bitcoin-first’ strategy. It’s a bold step that aligns with my belief that those who embrace change early often reap significant benefits.
Tech company Genius Group, which is traded on the New York Stock Exchange (NYSE), has increased its commitment to a Bitcoin investment strategy. Earlier announced plans saw the AI-driven firm purchase approximately 23.65 Bitcoins for a total value of $2.2 million. The company disclosed that it acquired these Bitcoins at an average price point of roughly $92,728 per coin.
Genius Group, Bitcoin and Treasury Reserve Boost
As per the recent statement from the company, they currently own a total of 194 Bitcoins, which are estimated to be worth around $18 million. They have reaffirmed their commitment made in November, stating that 90% of their future reserves will be invested in Bitcoin. Additionally, they have maintained their original goal of allocating approximately $120 million towards Bitcoin.
To maintain its Bitcoin treasury strategy, the company disclosed that they’ve been pouring approximately 2 million dollars into the cryptocurrency every week since their recent 10 million dollar investment last month. Even though they operate an AI-driven educational platform, this firm has pledged to prioritize a Bitcoin-focused approach by 2025.
Apart from Genius Group, an increasing number of corporations are rapidly adopting Bitcoin. As previously reported by Coingape, MicroStrategy is one such example, purchasing 21,550 Bitcoins for a staggering $2.1 billion. This latest acquisition has boosted their holdings to a whopping 423,650 BTC, which they obtained at a total cost of $25.6 billion.
Essentially, MicroStrategy now holds approximately 2% of all existing Bitcoins, positioning it as a significant contributor or facilitator in the Bitcoin market.
Simultaneously, Riot Platforms finds itself in a game of follow the leader with Genius Group and MicroStrategy, as it discloses intentions to gather $500 million to purchase additional Bitcoin. This action is consistent with other sector competitors who have amassed funds to buy Bitcoin during the past year.
BTC and Nation State Adoption
As Wall Street companies actively invest in Bitcoin (BTC), nations are hopping on board as well. Similar to MicroStrategy, El Salvador was among the first to lead this initiative by legalizing BTC usage in 2021. Since then, the country’s Bitcoin investments have proven fruitful.
Moreover, President-elect Donald Trump has pledged to create a national strategic Bitcoin reserve. Already, he is gathering a digital currency advisory team to assist in reaching this objective.
David Sacks’ appointment as “Crypto Czar” indicates a strong possibility that the incoming administration will honor their pledges regarding cryptocurrency. It is predicted by experts that should the U.S. support Bitcoin, other countries may follow suit and join the market.
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2024-12-09 19:23