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Sunday, August 23, 2020

THE CANADIAN TAHINI RESTAURANT CHAIN TURNS ALL ITS CASH RESERVES INTO BITCOIN


   Canada-based Middle Eastern restaurant chain, Tahini's, has converted all of its cash reserves into bitcoin. The company says bitcoin offers a much better alternative to cash savings.


From Cash Savings to Bitcoin


  Tahini's Middle Eastern restaurant chain has announced via Twitter that its entire cash reserve has been converted into bitcoin. Tahini's is a small company started in London, a Canadian city in southwestern Ontario. The Mediterranean restaurant chain currently operates four locations, with three franchise locations due to open in Ontario. The company tweeted on Tuesday:

" We just converted our entire cash reserves that were originally used as savings into bitcoin. "


 Tahini's went on to explain the reasons behind its decision to convert all of its cash reserves into cryptocurrency. "Having a business crisis in March is very tough for us & people are afraid to go out to eat," the company explained, adding that times are tough and many people are being let go as they try to grow their businesses.

Their expansion plans face other obstacles. “The government aid program in Canada makes it very difficult for us to bring back our partners (employees) because they make more money staying at home and not working. Suddenly we went from an economic crisis to everyone with a lot of money including us, "explains Tahini." Our cash reserves are growing and business is booming again, "the company said, adding:

" 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. "

 One restaurant owner explained what attracted him to Bitcoin. He admits that he's invented cryptocurrency many times in the past, but his idol at the time was Warren Buffett, who called it "rat poison", so he paid no attention to it.


He began to change his mind after reading an article entitled "The Number Zero and Bitcoin" by Parallax Digital CEO Robert Breedlove. After that, he spent the next few months collecting bitcoins on his personal account. He bought more bitcoins after reading The Bitcoin Standard by Saifedean Ammous, The Price of Tomorrow by Jeff Booth, and articles by Plan B (Twitter handle @ 100trillionUSD). He's also bought more after listening to a number of people in the bitcoin niche, such as Trace Mayer, Peter McCormack, and Anthony Pompliano.


“For me, I view bitcoin as a true free savings technology that stores wealth across time and space. And it turns out to me that there is a musical chair playing now and the music will stop & some people will be left out, "he explained: 



" 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. "


Tahini's announcement follows in the footsteps of Nasdaq-listed Microstrategy becoming the first major company to convert a portion of its cash reserves into bitcoin. The company revealed last week that it bought 21,454 bitcoins for an aggregate purchase price of $ 250 million.


  Do you think more companies will convert cash reserves into bitcoin? Let us know in the comments section below. 

 

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