Synbiotic hedges bitcoin against euro amidst fear of currency devaluation

Synbiotic hedges bitcoin against euro amidst fear of currency devaluation

German cannabis company- Synbiotic SE has reportedly announced that it is leveraging digital asset- bitcoin to hedge against the euro. According to Lars Müller, CEO, Synbiotic, the company is aiming to hedge with the crypto assets to protect the firm from witnessing further risk of dollar and euro devaluation. The firm has already commenced the shift towards “free liquidity into bitcoin”.

Müller further added that the cannabis industry has witnessed significant gains with bitcoin as a reliable and digital mode of payment. Moreover, many subsidiaries of Synbiotic already accept bitcoin payment along with payment in euros.

In a statement by the company, the decision is based on price fluctuations instead of the risk of devaluation of the currencies. Bitcoin has emerged as the exact opposite of the conventional form of currencies, its value is restricted to 21 million units.

In addition to the above, the limit is inviolable and fixed, which the decentralized organization of the cryptocurrency and the tamper-safe nature of blockchain guarantees. Due to these Aforementioned reasons bitcoin has won the trust of many instead of traditional currencies like dollars and euros, where a central institution can be influenced by government authority and expand the supply of money immeasurably.

Recently, many companies have added bitcoin to their balance owing to the favorable nature of the payment method. For instance, American business intelligence company- MicroStrategy announced the sale of USD 600 worth of convertible shares to buy the leading crypto assets.

Apart from being a leading name in the cannabis industry, Synbiotic also focuses on synthetic production drug development, dietary supplement development, and cosmetic products. The company is believed to be one of the first company’s in Germany to have invested in bitcoin in order to control inflation. 

Source Credit: https://news.bitcoin.com/german-cannabis-bitcoin-massive-currency-devaluation/