German cannabis company SynBiotic SE has announced that it will be the first publicly-traded company in Germany to shift some of its liquid cash into bitcoin.

In a statement, SynBiotic SE said that it has ‘legitimate concern about a massive devaluation of fiat money’ – euro and dollars, caused by an excessive increase in the supply of the currencies.

“SynBiotic SE is therefore set to become the first listed company in Germany to hedge against the devaluation of the euro with bitcoin. Hence, SynBiotic SE has started to shift some of its free liquidity into bitcoin,” the statement read.

The CEO of SynBiotic SE Lars Müller said that they are hedging against euro with bitcoin because unlike the supply of fiat currency that can be influenced by financial institutions, Bitcoin has a fixed supply volume of 21 million.

“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.”

He also said that the decision of the company is not based on Bitcoin price rally, but on ‘the risk of devaluation of euro and dollar.’

The current price of bitcoin is $51,246.67, climbing up by 4.52% in the last 24 hours. Bitcoin has a current market cap of $954.75B and market volume of $68.40B. In the last 24 hours, bitcoin has dropped to $47,866.36 and experienced a $51,735.38 high.  Currently, 18,631,068.75 bitcoins are in circulation.

Stats and Image from Coin Desk

Müller further stated that the cannabis sector, including other subsidiaries of his company are comfortable with using Bitcoin as a digital means of payment.

“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,” he added.

This development shows that more traditional institutions are now adopting Bitcoin as a store of value and a better alternative to fiat currency.

Tesla recently announced its $1.5 billion investment in Bitcoin, while MicroStrategy has been in the game of purchasing Bitcoin since last year.