US Restaurant Chain Converts Cash Reserves to Bitcoin
Everbowl, a California-based creative superfood brand, is now operating on the Bitcoin Standard and converting cash reserves to Bitcoin. As Jeff Fenster, Founder and CEO, says, “We’ve decided that operating a firm entirely on cash is neither the most advantageous nor the most secure manner of operation in 2022 and beyond.
Additionally, I recognize that corporate and governmental acceptance of Bitcoin is still in its infancy, but we want to contribute to this cause by setting an example. A disruptive growth firm should constantly be one step ahead of the competition and take the initiative by embracing new technology early rather than late. We think that the Bitcoin Standard will become the Gold Standard “when,” not “if.”
Everbowl, founded in 2016, is a Southern California-based quick-service restaurant chain with over 50 locations in California, Arizona, Florida, Georgia, Indiana, Missouri, Nevada, Oregon, South Carolina, Texas, and Utah, with plans to expand to over 130 locations in Colorado, Idaho, Louisiana, Texas, and North Carolina over the next 36 months. Everbowl claims that as part of their decision to transition to Bitcoin, they did research and talked with their consultants about the many alternatives available for their treasury as well as how to govern the business going ahead.
Fenster goes on, “As CEO, it is my obligation to continually monitor the business for dangers. We recognized we needed to reassess our treasury approach in light of the massive debasement of the US currency and a 39-year high inflation rate. After learning more about the Bitcoin Standard and considering the options available to us, it became clear that our company must embrace it. Our company’s financial worth is deteriorating at an unsustainable pace. I highly advise all company executives to do their own study on Bitcoin in order to have a better understanding of the strategy.”
Everbowl is also considering providing its staff the option of being paid in Bitcoin, which it hopes to disclose in the near future.
“While we recognize that not all of our business activities can be converted to the Bitcoin Standard at this time, we will accelerate adoption and conversion as additional access points become available,” Fenster stated.