SynBiotic SE, a German cannabis company, announced that it is following the example of companies such as MicroStrategy and Tesla to exchange some liquidity for Bitcoin (BTC).
In a February 16 update on the website, the company said the move was led by “legitimate concerns about the massive devaluation of the fiat currency” due to the “increase” of the euro and US dollar money supply.
CEO Lars Muller went on to emphasize that the decision was not made due to recent price increases, but because “in the long run we trust bitcoin more than the euro or dollar, as a central institution influenced by politicians can increase the amount of money. “Unmeasurable delivery.”
He further said that the cannabis industry in particular has “a very positive experience with Bitcoin as a simple and digital payment method”, and that many of SynBiotic’s subsidiaries already accept Bitcoin as a payment method.
Synbiotic SE creates a diverse group of companies in the hemp sector with a focus on the production of industrial hemp and health products. It is claimed to be the first listed company in Germany to invest in Bitcoin as a hedge against the devaluation of the fiat currency.
As reported by the Cointelegraph, Tesla’s announcement of a $ 1.5 billion investment in Bitcoin earlier this month saw the price of $ 3,000 in just a few minutes.
Meanwhile, the business services company MicroStrategy has been investing regularly in Bitcoin since the mid-2020s. Recently, 1400 companies signed up for a webinar where they consulted other companies that wanted to do the same.