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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- Michael Saylor Says ‘₿uy Now’ as Bitcoin Faces $111,000 Resistance
- Will the U.S. Government Shutdown Finally End This Month As Key Crypto Policies Face Delays
- Traders Price in December Fed Rate Cut as U.S. Inflation Softens Again
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
- Dogecoin Price Surges 10% as Bitwise Spot ETF Expected to Go Live Soon
