New York Stock Exchange-listed tech firm Genius Group has ramped up its Bitcoin (BTC) acquisition strategy, purchasing $2.2 million worth of BTC at an average price of $92,728. With this move, the company continues to demonstrate its long-term commitment to the leading cryptocurrency.
Genius Group’s Bitcoin Investment
Genius Group now holds a total of 194 Bitcoin, acquired at an approximate cost of $18 million. Reaffirming its November update, the company plans to allocate 90% of its future reserves to Bitcoin. As an educational technology firm, Genius Group aims to allocate up to $120 million to BTC in the long term.
Other corporate giants are also doubling down on Bitcoin investments. MicroStrategy, a vocal Bitcoin supporter, has expanded its holdings to 423,650 BTC, worth around $2.1 billion, securing its position as one of the largest Bitcoin holders, with control over nearly 2% of the total supply. Similarly, Riot Platforms plans to raise $500 million to purchase more Bitcoin, aligning with industry trends among major players.
National Adoption and Strategic Reserves
Corporate adoption of Bitcoin isn’t the only notable trend—countries are also joining the fray. El Salvador paved the way in 2021 by making Bitcoin legal tender, yielding significant returns on its investments.
In the United States, Donald Trump has promised to establish a strategic Bitcoin reserve, backed by the formation of a crypto advisory board. The appointment of David Sacks as Head of the Crypto Bureau underlines the administration’s intent to fulfill its commitments.
Experts predict that U.S. support for Bitcoin could encourage other nations to follow suit, further legitimizing the asset at a national level.
The Bigger Picture
The growing adoption of Bitcoin by both corporations and nations highlights its increasing role in financial strategies. Whether as a hedge against economic uncertainty or a tool for diversification, Bitcoin is cementing its position as a critical asset.
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