Tahini’s, a Canada-based Middle Eastern restaurant chain, has announced that it will switch its cash reserves to Bitcoin (BTC).
On August 19, it has been reported by a tweet from Tahini’s that the decision to switch its cash reserves to crypto had its genesis in March’s crash, and when the Canadian government began to provide assistance programs for businesses unable to stay open due to the pandemic.
As a small company that started in London Ontario Canada we operate 4 corporate locations and 3 Franshise locations about to open up in Ontario. We just converted our entire cash reserves that were originally used as savings into #Bitcoin Time for thread 👇🏽👇🏽👇🏽 — Tahinis Restaurants (@TheRealTahinis) August 18, 2020
However, with the United States and Canada printing money to prop up their ailing economies, Omar Hamam, the owner of Tahini’s, started to see the financial system as “a game of musical chairs being played right now and the music will stop and some people will get left out.”
Hamam said that he was concerned that the handouts and money printing would devalue fiat currency.
He said:
“It was apparent to us that cash didn’t have the same appeal. That eventually with all the excess cash circulating the economy that cash would be worth less.”
He added:
“As time went on I was constantly trying to learn and grow my knowledge about finance. I heard people in the Bitcoin community saying you have to hear about Bitcoin at least 7 times before you get into it. 100% accurate.”
Also, he decided to convert the company’s savings into Bitcoin because it “offers a much better alternative to saving cash.”
Hamam reported that they would continue to use Bitcoin as a reserve asset — “maybe forever, if we don’t have a need for fiat.”
As per the report, Tahini’s is following the same financial planning strategy as listed business intelligence company MicroStrategy, which last week announced that it had adopted Bitcoin (BTC) as its primary reserve asset. MicroStrategy purchased 21,454 BTC for around $250 million.
The restaurant’s decision to switch to Bitcoin received enthusiastic support from the crypto community.
Anthony ‘Pomp’ Pompliano tweeted his support by saying: “another company converts their balance sheet capital to Bitcoin” adding he thought the idea was catching fire.
Another company converts their balance sheet capital to Bitcoin. Gradually, then suddenly 🔥 https://t.co/jVGbqrnDGX — Pomp 🌪 (@APompliano) August 19, 2020
Thus, Peter McCormack, host of the What Bitcoin Did podcast, echoed Pomp’s thoughts and tweeted he is also considering converting all his non-working capital into BTC.
Fuck it, converting all my non-working capital to #bitcoin. Let's fucking go! — Peter McCormack (@PeterMcCormack) August 19, 2020
Source: Cointelegraph | Image: Bitcoinist