German company SynBiotic SE is another business that has taken an interest in cryptocurrencies! As I read on cointelegraph.com (https://cointelegraph.com/news/german-cannabis-company-hedges-with-bitcoin-in-case-euro-crashes) the company has shifted some of its monetary assets to Bitcoin!
Bitcoin soon to be the currency of companies?
In the article I linked above, and specifically in the announcement of February 16, you can read that the company decided to move part of its liquid monetary assets due to “legitimate fear of massive devaluation of FIAT currencies”. The entire announcement can be found here -> https://www.synbiotic.com/2021/02/16/synbiotic-se-becomes-the-first-publicly-traded-company-in-germany-to-hedge-against-euro-currency-devaluation-with-bitcoin/
Lars Müller, who is the CEO, said that the decision is due to the fear of FIAT currencies losing value, not the rise of the Bitcoin cryptocurrency listing. Quoting “we have more long-term confidence in bitcoin than in the euro or the dollar, where a central institution, influenced by politicians, can increase the money supply immeasurably.”
Who is Synbiotic SE and why am I writing about it?
Synbiotic SE is building a diverse group of companies in the cannabis sector, focusing on synthetic cannabinoid production and wellness products. It claims to be the first publicly listed company in Germany to invest in Bitcoin as a hedge against fiat devaluation.
The impact of businesses entering the cryptocurrency market – what are the effects?
Thanks to the integrity of the Cointelegraph website, one can read that Tesla’s announcement of a $1.5 billion investment in Bitcoin earlier this month caused the price to jump by $3,000 in just a few minutes.
Meanwhile, business services firm MicroStrategy has been steadily investing in Bitcoin since mid-2020. Recently, 1,400 companies signed up for a webinar advising other companies who would like to follow suit.