German Cannabis Company SynBiotic SE Bets On Bitcoin

SynBiotic SE, a German cannabis company has become the first cannabis-focused public company in Germany to Bet on bitcoin as against euro.

The company based in Munich made this known in an announcement. The cannabis-focused public company invested an undisclosed amount in Bitcoin as against the devaluation of Euro.

SynBiotic SE Reasons

The company deems it fit to take this step to hedge against fast declining fiat currency. It said its reasons are not based on the current price rates or price speculations.

Speaking broadly on this, SynBiotic SE CEO Lars Müller said;

“Bitcoin is the exact antithesis of traditional currencies: its volume is limited to 21 million units. This limit is fixed and inviolable, which the cryptocurrency‘s decentralized organization and the blockchain‘s tamper-proof nature in turn guarantees.”

The company explained it has more confidence in Bitcoin’s future than fiat currency. It said it is worrisome that fiat currencies are constantly depreciating. On the other hand bitcoin has advantages to it, it is decentralized and it thrives on the wave of politicians whose involvement influences the price. 

Bitcoin and SynBiotic SE

The cannabis company specifically has had positive history by utilizing Bitcoin for payments. Also, few SynBiotic auxiliaries have been accepting digital currency. 

SynBiotic’s stock is traded on Düsseldorf Stock Exchange just as on Deutsche Börse’s Xetra electronic trading platform. The stock experienced an uptick after the declaration, arriving at a three-week high at €27.00 ($32.58) on Tuesday before the market’s close.

The cannabis-focused public company is not the first publicly traded company to take huge steps in investing Bitcoin.

Bitcoin group SE is an investor in Bitcoin, it recently invested more in crypto assets. It now has a total €100 million ($120.6 million) as at January 2021.