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
Middle Eastern restaurant chain Tahini’s has announced via Twitter that its entire cash reserves have been converted into bitcoin. Tahini’s is a small company that started in London, a Canadian city in southwestern Ontario. The Mediterranean restaurant chain currently operates four locations, with three franchise locations about to open up in Ontario. The company tweeted on Tuesday:
We just converted our entire cash reserves that were originally used as savings into bitcoin.
Tahini’s proceeded to explain the reasons behind its decision to convert all of its cash reserves into the cryptocurrency. “Going through the crisis of March business was tough on us & people were scared to go out to eat,” the company described, adding that times were tough and many people were let go at the time they were trying to expand their business.
Their expansion plan faced another obstacle. “The government assistance programs in Canada made it very hard for us to bring back our partners (employees) as they were making more money staying at home and not working. All of a sudden we went from an economic crisis to everyone having a lot of money including us,” Tahini’s detailed. “Our cash reserves swelled and business was booming again,” the company noted, 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 of the restaurant’s owners explained what attracted him to bitcoin. He admitted that he came across the cryptocurrency many times in the past, but his idol at the time was Warren Buffett, who called it “rat poison,” so he did not pay 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. Following that, he spent the next couple of months accumulating bitcoin in his personal account. He bought even more bitcoin after reading The Bitcoin Standard by Saifedean Ammous, The Price of Tomorrow by Jeff Booth, and articles by Plan B (Twitter handle @100trillionUSD). He 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 came apparent to me that there is a game of musical chairs being played right now and the music will stop & some people will get left out,” he opined, elaborating:
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 followed a move by the Nasdaq-listed Microstrategy that became the first major company to convert some of its cash reserves into bitcoin. The company revealed last week that it purchased 21,454 bitcoins at an aggregate purchase price of $250 million.
Do you think many more companies will convert cash reserves into bitcoin? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tahini’s
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