As MicroStrategy continues to reap success with its aggressive Bitcoin play, it’s only a matter of time before other companies tread in the same path.

Genius Group, an AI-focused and Bitcoin education firm, is the latest one to the bandwagon. According to a press release, Genius Group said that it had bought 110 Bitcoins for a sum of $10 million at an average price of $90,932.

This purchase sets up the company’s first “Bitcoin treasury,” an essential step towards its plans to implement a “Bitcoin-first policy,” which it initially outlined in 2023. Under its Bitcoin-first policy implemented last year, the company commits to investing at least 90% of its current and future reserves in digital assets, initially targeting $120 million.

The 110 BTC is the company’s first tranche, and it expects to make more purchases to achieve its strategic plan.

JUST IN: AI firm Genius Group kicks off its #Bitcoin treasury with a $10M purchase of 110 BTC! 🚀 pic.twitter.com/Ts5KQqi4I6

— Simply Bitcoin (@SimplyBitcoinTV) November 18, 2024

A Bitcoin-First Policy For Genius Group

Genius Group announced on November 12th to go full-steam ahead on Bitcoin. According to the company’s corporate strategy presented at the end of the 2023 quarter, it would commit 90% of its reserve to BTC, a long-term plan of holding Bitcoins worth as much as $120 million.

According to CEO Roger James Hamilton, his company is in a position to integrate traditional learning with modern financial literacy backed by the blockchain. He added that when Genius Group adopted MicroStrategy’s Michael Saylor’s Bitcoin plan, there were no rules or plans to follow.

BTC market cap currently at $1.8 trillion. Chart: TradingView.com

Genius Group Continues Its Blockchain, Bitcoin Education Series

The Genius Group is primarily an AI-focused and Bitcoin-first education group. The group aims to promote Bitcoin as a payment system through its educational platform as part of its operations.

The company recently launched its Web3 Wealth Renaissance, an initiative that seeks to encourage the use of AI and spread awareness of the benefits and functions of cryptocurrencies and the blockchain.

Genius Group’s education campaign also includes a Bitcoin and Blockchain podcast series. On Tuesday at 9:00 a.m. Eastern Time, the podcast will cover a forecast on Bitcoin and fiat money’s future. The podcast will also explore the MicroStrategy story and how Saylor pioneered the Bitcoin Treasury concept.

This morning:

– MicroStrategy buys another 51,780 BTC for $4.6B
– MARA announces $700 million convert to acquire more BTC
– Semler Scientific raises $21mm ATM and acquires 215 BTC
– Metaplanet issues ¥1.75B debt offering to buy more BTC

The corporate Bitcoin race is heating up.

— Sam Callahan (@samcallah) November 18, 2024

More Corporations Adopt A Bitcoin-Focused Investing Policy

With MicroStrategy as a clear leader, many companies are also starting to add Bitcoin to their holdings. On November 18th, MicroStrategy announced its purchase of 51,780 Bitcoin for $4.6 billion.

Other companies followed suit, with MARA allocating $700 million to buy more Bitcoin, Semler Scientific raising $21 billion to buy 215 BTC, and Metaplanet issuing a $1.75 billion yen debt to finance its Bitcoin dream.

Other industries are joining the trend, including tech and crypto companies. For example, Cosmos Health Inc. has integrated a crypto strategy. The government’s interest in Bitcoin and crypto is also increasing. Sławomir Mentzen, a Polish presidential candidate, has announced his plans to create a BTC reserve.

Featured image from DALL-E, chart from TradingView

Bitcoin has often been referred to as the “digital gold,” as it has proven to be a unique asset class and, more importantly, a reliable store of value over the years. While gold surely outpaces BTC in age, both assets are commonly used by investors as a hedge against economic instability and inflation.

Interestingly, there is almost always a positive correlation between Bitcoin and gold, leading to limited diversification opportunities for investors. However, the latest data shows that the premier cryptocurrency and the precious metal have been decoupling from each other in recent weeks.

BTC Is Losing Correlation With Gold — What Next?

In a recent Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Darkforst talked about the existing relationship between the price of Bitcoin and gold. According to the pundit, there is an ongoing decoupling between the crypto market leader and the gold market.

For context, correlation is a metric that measures the degree of association (how closely related) of the direction of prices of two specific assets. When the value of correlation is positive, it implies that the two assets are moving in the same direction. It is worth mentioning that the closer the metric’s value is to 1, the more correlated the assets are.

On the flip side, a correlation value less than 0 indicates that the two assets are negatively correlated, meaning that they are moving in opposite directions. Similarly, the closer the correlation value is to -1, the less closely related the assets.

While the gold market has been performing well in recent months, the metal’s price has slumped over the past few weeks. On the other hand, the Bitcoin price has enjoyed a strong bullish momentum in November, forging successive all-time highs in recent weeks.

Source: CryptoQuant

As a result, the correlation between the price of Bitcoin and gold has slipped beneath the zero mark, moving into the negative territory, as shown in the chart above. According to Darkfost, the decoupling seems to be in BTC’s favor, as it could lead to a “liquidity shift” and cause more capital to flow into the flagship cryptocurrency.

Bitcoin Price At A Glance

As of this writing, the price of BTC is hovering around the $98,000 mark, reflecting an almost 1% decline in the past 24 hours. Nevertheless, the premier cryptocurrency’s performance on the weekly timeframe is still quite remarkable. According to data from CoinGecko, the market leader is up by more than 7% in the last seven days.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

The Bitcoin price rally towards the $100,000 mark is the talk of the crypto industry. Notably, the Bitcoin price has reached new all-time highs for four consecutive days on the path to this $100,000 price level, with the latest being an intraday high of $99,645 in the past 24 hours. 

Interestingly, the ongoing bullish sentiment suggests this rally is far from over. According to one crypto (Stockmoney Lizards), Bitcoin is still in the middle of its projected peak this cycle, and the current pump is just one phase of a larger upward trajectory.

Satoshimeter Says Bitcoin Price Still Has A Long Way To Go

The Satoshimeter is a technical analysis tool developed by Stockmoney Lizards. The Satoshimeter uses on-chain data to monitor Bitcoin’s market cycles and has been relatively good in predicting market peaks and lows. For instance, readings around 1.6 typically mark the low points of bear markets, as seen in years like 2011, 2015, 2019, and 2022. On the other hand, the peaks of bull markets are highlighted by readings above 20 on the Satoshimeter.

The Bitcoin price rally has witnessed a notable surge since the beginning of the year and is showing no signs of stopping anytime soon. Particularly, the Bitcoin price is up by 163% in the past 12 months, according to Coinmarketcap data. Despite Bitcoin’s ongoing rally, the Satoshimeter currently sits in a mid-range area, suggesting that the cryptocurrency has substantial room for growth before reaching a cycle peak. 

Stockmoney Lizards emphasized that while the recent price surge might see short-term corrections, these are part of a healthy market trajectory. This implies that the Bitcoin price could see periodic pullbacks as it consolidates gains, but the Bitcoin price at $100,000 is definitely not the peak for this cycle.

Long Road Ahead For BTC Price

A final break above $100,000 would undoubtedly be a major milestone for the Bitcoin price history. However, the current market sentiment suggests it would only be the first step of many milestones to hit this bull cycle. For instance, crypto analyst Stockmoney Lizards projected in another analysis that the Bitcoin price is about to enter a second parabolic run that would see it surging past the $120,000 price mark by April 2025.

Although this price target is very bullish, it pales in comparison to projections from other crypto analysts. PlanB, the creator of the popular Stock-to-Flow (S2F) model, has put forth an even more ambitious target. He suggests that Bitcoin could reach trade for as high as $1,000,000 by December 2025. Despite these ambitious targets, caution is warranted, particularly as Bitcoin appears to be approaching an overheated zone on the MVRV ratio indicator.

At the time of writing, Bitcoin is trading at $98,550.

Featured image created with Dall.E, chart from Tradingview.com