Most people who are paying attention to recent cryptocurrency news are aware that Tesla, a publicly-traded company based in the U.S., has invested $1.5 billion of the company’s spare cash into Bitcoin.
It can now be reported that the first publicly-traded company in Germany has made a similar move. SynBiotic SE CEO Lars Müller has revealed that SynBiotic SE has started to shift some of its free liquidity into Bitcoin “to hedge against the devaluation of the euro.”
In a press release posted on the company’s website Müller states:
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.
This trickle of companies moving into Bitcoin is turning into a steady stream.
How long before the stream turns into a flood?