German Firm SynBiotic SE Invests In Bitcoin (BTC) Citing Concerns of Currency Devaluation

SynBiotic SE becomes the first public-listed firm in Germany to shift part of its free liquidity in the world’s largest cryptocurrency Bitcoin (BTC). The announcement comes on Tuesday, February 16, citing the massive money printing by the European central bank in recent times.

Thus, citing high chances of further inflation and Euro devaluation, SynBiotic SE decided to hedge it with its fresh Bitcoin purchases. SynBiotic SE CEO Lars Müller said:

“Our decision focused less on price fluctuations than the risk of devaluation of euro and dollar. 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.

For this reason, 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. In addition, the cannabis sector in particular has had very positive experiences with bitcoin as a simple and digital means of payment. Several SynBiotic subsidiaries already accept payments in bitcoin in addition to payments in euros.”

As central banks worldwide are printing money at an unprecedented rate, financial institutions are moving to hedge against rising inflation and currency devaluation/debasement. Interestingly, Bitcoin (BTC) is turning out to be the most-preferred asset class.

Corporates And Institutions Warm Up to Bitcoin (BTC)

Tesla’s $1.5 Bitcoin (BTC) purchase has triggered a massive frenzy in corporate circles to buy Bitcoins. Many corporates are considering putting part of their reserve cash in Bitcoin (BTC) with giants like Twitter and JPMorgan expressing interest.

Public-listed business intelligence firm MicroStrategy seems to be stopping nowhere with its BTC purchases. After acquiring over 71,000 Bitcoins with over $1.2 billion in Bitcoin investments so far, MicroStrategy proposed investing another $600 million worth of convertible notes into Bitcoin (BTC).

Apart from corporates, institutions continue with their BTC purchases in the open market. Last week, Grayscale added 3500 Bitcoins to its Bitcoin Trust (GBTC). The Grayscale Bitcoin Trust (GBTC) has purchased ~50,000 Bitcoins so far in 2021.

The post German Firm SynBiotic SE Invests In Bitcoin (BTC) Citing Concerns of Currency Devaluation appeared first on Coingape.