SynBiotic SE, a German cannabis company, announced that it is following the example of companies like MicroStrategy and Tesla in converting a portion of its liquid cash holdings into Bitcoin (BTC).
In a February 16th update on its website, the company stated that the move was driven by “legitimate concerns about the massive devaluation of paper money”, due to an “excessive increase” in the euro and US dollar money supply.
CEO Lars Muller went further, stressing that the decision was not driven by recent price rises, but that “we have long-term confidence in bitcoin more than the euro or the dollar, where a central institution, influenced by politicians, can expand money supply by Incomparably. “
He went on to say that the cannabis industry in particular has had “very positive experiences with Bitcoin as a simple and digital payment method,” and that many SynBiotic subsidiaries are already accepting Bitcoin as a payment method.
Synbiotic SE is building a diverse group of companies in the hemp sector, with a focus on synthetic production of hemp and health products. It claims to be the first publicly traded company in Germany to invest in bitcoin as a hedge against the devaluation of the fiat currency.
As Cointelegraph reported, Tesla’s announcement to invest $ 1.5 billion in Bitcoin earlier this month sent the price up to $ 3,000 in just a few minutes.
Meanwhile, business services company MicroStrategy has been investing steadily in Bitcoin since the mid-2020s. 1,400 companies recently participated in a webinar advising other companies that want to do the same.