Tahini’s Restaurant Chain Exchanges Fiat Reserves for Bitcoin
Tahini’s, a Middle-Eastern restaurant in Canada, has exchanged their entire cash reserves for Bitcoin. The information was revealed by a tweet by Tahini’s, which claims to be ‘the best Middle Eastern restaurant in the world.’
The idea to exchange cash holdings to crypto came up in March, at the onset of coronavirus infections, and the roll out of assistance programs by the government of Canada for companies which had to shut down due to the pandemic.
As Canada and the US started printing money to support the sluggish economy, Omar Hamam, owner of Tahini’s, felt the prevailing 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 mentioned that he was worried that the free cash and money printing process would cause depreciation of fiat currency. He opined “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.”
“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.”
He chose to exchange the company’s cash holdings into Bitcoin because “offers a much better alternative to saving cash.” Hamam further stated that the restaurant might continue using Bitcoin as a reserve asset “maybe forever, if we don’t have a need for fiat.”
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
Notably, there is a considerable parallel between Tahini’s financial strategy and Nasdaq listed business intelligence service provider MicroStrategy, which had announced its decision to adopt Bitcoin (BTC) as the main reserve asset a week back. MicroStrategy revealed the decision after buying 21,454 Bitcoins for approximately $250 million.
Across the globe, the financial domain is going through incredible changes. Some analysts wonder whether Berkshire Hathaway, co-founded by Billionaire investor Warren Buffett, may start investing in cryptos to negate inflationary pressure. For the first time, the company took a stake in a gold miner this week.
Another company converts their balance sheet capital to Bitcoin.
Gradually, then suddenly ? https://t.co/jVGbqrnDGX
— Pomp ? (@APompliano) August 19, 2020
Fuck it, converting all my non-working capital to #bitcoin.
Let’s fucking go!
— Peter McCormack (@PeterMcCormack) August 19, 2020
The restaurant’s strategy to keep its reserves in Bitcoin has gained considerable backing from the cryptocurrency community. Through a tweet, podcaster Anthony ‘Pomp’ Pompliano announced his support, stating “another company converts their balance sheet capital to Bitcoi.” He further stated that the idea of holding Bitcoin as reserve asset is gaining traction. Peter McCormack, who hosts the podcast ‘What Bitcoin Did’, reflected Pomp’s point of view and informed that he is also looking at the option of exchanging his surplus funds into BTC.