German cannabis company hedges against euro devaluation with Bitcoin
SynBiotic SE says there are „legitimate concerns“ about a „massive devaluation of fiat money“.
German cannabis company SynBiotic SE has announced plans to follow the lead of companies such as MicroStrategy and Tesla. The company plans to invest some of its liquid cash in Bitcoin (BTC).
In a recent report on 16 February on its website, the company stated that this decision was made due to the „justified concern of a massive devaluation of fiat money“ due to an „excessive increase“ in the euro and US dollar money supply.
CEO Lars Müller also stressed that the decision was not made because of the recent price increase, but „we have more confidence in Bitcoin of Crypto Investor scam in the long term than in the euro or dollar, where a central institution, influenced by politicians, can expand the money supply immeasurably“.
He further explained that the cannabis industry in particular has had „very positive experiences with Bitcoin as a simple and digital means of payment“ and that several SynBiotic subsidiaries already accept Bitcoin as a means of payment.
The company claims to be the first listed
Synbiotic SE is building a diverse group of companies in the cannabis sector focused on the synthetic production of cannabinoids and wellness products. The company claims to be the first listed company in Germany to invest in Bitcoin as a hedge against fiat devaluation.
As Cointelegraph reported, Tesla’s announcement of a US$1.5bn investment in Bitcoin earlier this month led to a US$3,000 price spike within minutes.
Meanwhile, well-known company MicroStrategy has been investing in Bitcoin on and off since the mid-2020s. Recently, 1,400 companies signed up for a webinar where MicroStrategy advises other companies to follow its lead.