Tahini, a Middle-Eastern Restaurant in Canada, now converted their cash reserves into Bitcoin.
A burgeoning culinary located along Geary Avenue’s 1.5-kilometer stretch in Ontario Canada, the restaurant announced its crypto movement thru its Twitter recently.
According to the sources, the switch happened when the fiat currency crashed in March. The Canadian government provided assistance programs to businesses that were severely hit by the pandemic and the lockdown.
He further disclosed that the concern that the handouts and money printing would lower the fiat currency values, quipping that “It was apparent to us that cash didn’t have the same appeal,” he said. “That eventually, with all the excess cash circulating the economy, that cash would be worthless.”
Hamam also elaborated, “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 seven times before you get into it. 100% accurate.”
By this time, the decision to convert the company’s savings into Bitcoin was finalized. This also paved a perspective that “offers a much better alternative to saving cash.” He reported that they would continue to use Bitcoin as a reserve asset — “maybe forever if we don’t need fiat.”
The decision brought about by the Middle-Eastern food hub is adhering to the same financial planning strategy as listed business intelligence company MicroStrategy, also adopted Bitcoin (BTC) as its primary reserve asset.
By records, MicroStrategy purchased 21,454 BTC for an estimated $250 million.
On the other hand, the community provided a supportive response to this momentous milestone, Podcaster Anthony’ Pomp’ Pompliano tweeted his musing saying “another company converts their balance sheet capital to Bitcoin” adding he thought the idea was catching fire. Besides, Peter McCormack, host of the What Bitcoin Did podcast, agreed with Pomp’s thoughts and posted that he is also considering converting all his non-working capital into BTC.