A Middle Eastern restaurant chain based in Canada has just converted all its trust cash reserves to Bitcoin.
According to an August 19 tweet from Tahini’s – ‚the best Middle Eastern restaurant in the world‘ – the decision to switch its cash reserves to cryptosystems was prompted by the March collapse, and when the Canadian government began providing assistance programs for businesses that could not stay open due to the pandemic.
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With the U.S. and Canada printing money to shore up their struggling economies, Tahini’s owner Omar Hamam began to see the financial system as „a game of musical chairs being played right now and the music will stop and some people will be left out.
Hamam said he was concerned that donations and printing money would devalue the trust currency. „It was clear to us that cash did not have the same appeal,“ he said. „That eventually with all the excess cash circulating in the economy, that cash would be worth less.“
„As time went on, I was constantly trying to learn and increase my knowledge of finance. I heard people in the Bitcoin community say that you have to hear about Bitcoin at least 7 times before you get into it. 100% accurate.
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He decided to turn the company’s savings into Bitcoin because „it offers a much better alternative than saving money. He reported that they would continue to use Bitcoin as a reserve asset, „maybe forever, if we don’t have the need for trust money.
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Tahini’s is following the same financial planning strategy as the publicly traded business intelligence company MicroStrategy, which last week announced that it had adopted Bitcoin (BTC) as its primary reserve asset. MicroStrategy purchased 21,454 BTCs for approximately $250 million.
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The landscape is changing so quickly that some are now wondering whether even Berkshire Hathaway, controlled by Warren Buffett, might invest in cryptomonies as a hedge against inflation. The company invested in a gold mine for the first time this week.
The restaurant’s decision to switch to Bitcoin received enthusiastic support from the cryptomint community. Podcaster Anthony ‚Pomp‘ Pompliano tweeted his support and said that „another company is converting its balance sheet capital to Bitcoin,“ adding that he thought the idea was being taken seriously. Peter McCormack, host of the What Bitcoin Did podcast, echoed Pomp’s thoughts and tweeted that he is also considering converting all of his non-current assets to BTC.