A Canada-based restaurant chain has converted its entire fiat cash reserves into bitcoin.
According to a series of tweets by Tahinis Restaurants, a chain of Middle Eastern eateries first started in Ontario, the company has decided to convert the entirety of its cash reserves into bitcoin. The chain, which bills itself as the “best middle eastern restaurant in the world,” operates four corporate locations, with three new franchises planned to open in Ontario.
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
Tahini’s owner Omar Hamam says he was forced to let a significant number of employees go in March following the onset of the coronavirus pandemic. However, the company was able to keep all of its restaurants cash flow positive.
Hamam says government assistance programs in Canada have made it difficult to bring back employees, who are making more money “staying at home and not working.” The situation led him to question the value of cash in the current economic system.
4) Our Cash reserves swelled and business was booming again. But 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.
— Tahinis Restaurants (@TheRealTahinis) August 18, 2020
Hamam says he became interested in bitcoin after hearing Warren Buffett famously refer to the asset as “rat poison.” The Tahinis owner called bitcoin a “true free savings technology” for wealth storage while referring the global financial system as a “game of musical chairs.”
He concluded by saying his restaurant had converted all cash reserves to bitcoin, which he called a “much better alternative to saving cash.”
12) And that’s when we as a company decided to store all of our excess cash reserves into #bitcoin as it offers a much better alternative to saving cash. We will continue to do that over the coming years and maybe forever if we don't have a need for the fiat.
— Tahinis Restaurants (@TheRealTahinis) August 18, 2020
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