German cannabis company hedges with Bitcoin in case euro crashes

Cointelegraph

Published Feb 17, 2021 04:22AM ET

Updated Feb 17, 2021 06:00AM ET

SynBiotic SE, a German cannabis company, has announced that it is following the lead of companies like MicroStrategy and Tesla (NASDAQ:TSLA) 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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