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- Genius Group Adopts Bitcoin Treasury Reserve Strategy
Genius Group Adopts Bitcoin Treasury Reserve Strategy
News on the Blockchain
November 13, 2024
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@newsontheblockchain, 13/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 763
Market Cap: $2.91T (-1.53%)
24h Volume: $317.75B (+5.91%)
Bitcoin Dominance: 59.5%
Ethereum Dominance: 13.4%
ETH Gas Price: 25.89 Gwei
Fear & Greed Index: 85/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $87,393.92 | -0.50% | $1.73T | $122.17B |
Ethereum (ETH) | $3,230.31 | -3.03% | $389.00B | $54.01B |
Tether (USDT) | $1.00 | -0.01% | $125.38B | $251.95B |
BNB (BNB) | $612.69 | -6.08% | $88.29B | $3.25B |
Solana (SOL) | $206.01 | -6.13% | $97.22B | $10.84B |
💹 Market Highlights:
Market Highlights:
Total DeFi Volume: $15.17B (4.78% of total 24h volume)
Stablecoins Volume: $287.95B (90.62% of total 24h volume)
Coin with Highest % Change: EGO (+221.53%)
🔥Heat Map:
📈 Preview On Today’s News:
- Genius Group Adopts Bitcoin Treasury Reserve Strategy
- Italy to Reduce Proposed Crypto Tax from 42% to 28%
- El Salvador's Bitcoin Investment Hits $525M Profit Amid BTC Surge
Keep reading for more!
Today’s Important News:
1)
Genius Group Adopts Bitcoin Treasury Reserve Strategy
Genius Group (GNS), a publicly traded AI-powered education company, has committed to acquiring $120 million worth of Bitcoin as its primary treasury reserve asset. This initiative marks the beginning of a "Bitcoin-first" strategy, inspired by MicroStrategy’s successful adoption of Bitcoin reserves. The company plans to allocate 90% or more of its current and future reserves to Bitcoin and will use a $150 million ATM facility to acquire the initial Bitcoin. Additionally, Genius Group will educate students on Bitcoin and blockchain through its AI-powered Web3 Wealth Renaissance program, and offer global Bitcoin payment options on its Edtech platform.
Genius Group plans to purchase $120 million in Bitcoin and adopt a "Bitcoin-first" strategy, making it the primary treasury reserve asset.
The company will use a $150 million ATM facility to acquire Bitcoin, educate students on crypto technologies, and enable Bitcoin payments globally.
2)
Italy to Reduce Proposed Crypto Tax from 42% to 28%
Italy is set to reduce its proposed crypto tax increase from 42% to 28%, a significant shift from its previous budget plan. The amendment is expected to be approved by Italian Prime Minister Giorgia Meloni. Crypto executives had previously argued that the proposed 42% increase would harm the local industry by making Italian crypto businesses less competitive.
Italy plans to lower its proposed crypto tax increase from 42% to 28%, from the previously considered 42%.
Italian crypto executives had expressed concerns that the higher tax would reduce competitiveness, prompting the government to revise the proposal.
3)
El Salvador's Bitcoin Investment Hits $525M Profit Amid BTC Surge
El Salvador’s Bitcoin holdings have surpassed $525 million in profit, benefiting from Bitcoin's record-breaking surge above $89,000. Since making Bitcoin legal tender in 2021, the country's bet on the cryptocurrency has proven lucrative. The asset’s recent performance, with Bitcoin up nearly 27% over the past week, aligns with broader trends in the crypto market, where large institutional investors like BlackRock and Fidelity are increasing their involvement. With Bitcoin potentially reaching $100,000, El Salvador's investment continues to strengthen, further supporting its pro-crypto stance.
El Salvador’s Bitcoin investment has surpassed $525 million in profit as Bitcoin hits new record highs, benefiting from its decision to make Bitcoin legal tender in 2021.
Bitcoin’s recent surge, up 27% in the last week, aligns with growing institutional investment and the potential for further gains, possibly reaching $100,000.
