Canada-Based Restaurant Chain Converts Entire Cash Reserves to Bitcoin
A Canada-based restaurant chain has converted its entire fiat cash reserves into bitcoin.
According to a series of tweets by Tahinis Restaurants, a chain of Middle Eastern eateries first started in Ontario, the company has decided to convert the entirety of its cash reserves into bitcoin. The chain, which bills itself as the “best middle eastern restaurant in the world,” operates four corporate locations, with three new franchises planned to open in Ontario.
Tahini’s owner Omar Hamam says he was forced to let a significant number of employees go in March following the onset of the coronavirus pandemic. However, the company was able to keep all of its restaurants cash flow positive.
Hamam says government assistance programs in Canada have made it difficult to bring back employees, who are making more money “staying at home and not working.” The situation led him to question the value of cash in the current economic system.
Hamam says he became interested in bitcoin after hearing Warren Buffett famously refer to the asset as “rat poison.” The Tahinis owner called bitcoin a “true free savings technology” for wealth storage while referring the global financial system as a “game of musical chairs.”
He concluded by saying his restaurant had converted all cash reserves to bitcoin, which he called a “much better alternative to saving cash.”