German cannabis company hedges with Bitcoin in case euro crashes

CoinTelegraph

SynBiotic SE, a German cannabis company, has announced that it is following the lead of companies like MicroStrategy and Tesla in shifting part of its liquid cash holdings into Bitcoin (BTC).

In a Feb. 16 update on its website, the company stated that the move was spurred by “legitimate concern about a massive devaluation of fiat money,” due to an “excessive increase” in both euro and U.S. dollar money supply.

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CEO Lars Müller went further, stressing that the decision was not driven by recent price appreciation, but that, “we have more long-term confidence in bitcoin than in euros or dollars, where a central institution, influenced by politicians, can expand the money supply immeasurably.”

He went on to say 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.

Synbiotic SE is building a diverse group of companies in the cannabis sector, with a focus on the synthetic production of cannabinoids and wellness products. It claims to be the first publicly-traded company in Germany to invest in Bitcoin as a hedge against fiat devaluation.

As Cointelegraph reported, Tesla’s announcement of a $1.5 billion investment in Bitcoin earlier this month caused the price to jump $3,000 in mere minutes.

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Meanwhile, business services company MicroStrategy has been steadily investing in Bitcoin since mid-2020. It recently had 1,400 firms sign-up for a webinar advising other companies who wish to follow its lead.

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Author: Jack Martin


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