- Genius Group committed 90% of its current and future reserves to be held in bitcoin.
- The AI company said it plans to acquire an initial $120 million of BTC.
- The decision follows a board-level restructuring to include several people with crypto backgrounds.
As a seasoned analyst with over two decades of experience in the financial markets, I find Genius Group’s decision to invest heavily in Bitcoin intriguing. Having witnessed the rise and fall of various trends, I must admit that this move seems to be a bold yet calculated step.
Genius Group, an organization specializing in artificial intelligence, has decided to make Bitcoin their main financial asset. They plan to store 90% of their existing and future funds in Bitcoin, as stated in an official announcement.
The Singapore-based company’s shares surged up to 50% during early trading, but later relinquished most of that increase. However, they still stand 10% above the closing price from Monday, currently priced at $0.70 each.
The business has announced intentions to invest $120 million in bitcoin initially, which equates to approximately 1,380 BTC at present rates. This bitcoin will be kept for a prolonged period. Additionally, they aim to facilitate Bitcoin transactions on their Edtech platform. This move is prompted by a recent reshuffle of the company’s board, bringing in several individuals with expertise in cryptocurrencies and Web3 technologies.
Following in the footsteps of MicroStrategy, a software company led by Michael Saylor, geniuses are now taking a similar approach. MicroStrategy now possesses approximately 279,420 Bitcoin (valued at around $24 billion) after deciding to purchase Bitcoin in 2020 as a means to protect against inflation. In May, Semler Scientific, a medical device manufacturer, announced their intent to follow suit and currently holds over 1,000 Bitcoin. This decision was made just days after Metaplanet, an investment advisory firm based in Tokyo, also joined the trend, now holding around 1,000 Bitcoins as well.
According to Thomas Power, Director of Genius Group, Bitcoin is viewed as the main form of value that will drive advancements in exponential technologies. Furthermore, he supports the argument presented by Michael Saylor and Microstrategy for businesses to hold Bitcoin as their primary reserve asset, a viewpoint they fully endorse.
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2024-11-12 19:11