Bitcoin investment allowed Canadian restaurant chain to expand even during the pandemic
While many businesses in the food industry are currently facing difficulties due to the pandemic, Tahini plans to increase its number of locations to 25 by the end of 2022.
Thu, 20 Jan 2022, 06:59 am UTC
A Canada-based resto chain made headlines in 2020 when it decided to covert all of its cash reserves into Bitcoin (BTC). Two years later, its owner said that the decision helped save his business during the coronavirus pandemic.
In August 2020, Tahini, a Canada-based restaurant chain that specialized in Middle Eastern cuisine, announced its decision to covert its cash into Bitcoin. It was a very profitable move as its crypto holdings is already up 300 percent in less than two years.
“We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, we’re up more than 300 percent on our initial investment,” restaurant owner Omar Hamam said, according to Cointelegraph. “It’s really done its job of protecting us against inflation and it worked as we intended it to.”
Haman said that company sales dropped 80 percent in a week when the coronavirus pandemic started. However, its crypto investment allowed the company to expand from three to nine locations. While many businesses in the food industry are currently facing difficulties due to the pandemic, Tahini plans to increase its number of locations to 25 by the end of 2022.
“We keep a working capital for about three to six months in cash, and then the rest all goes into Bitcoin,” Hamam added. “So, whenever we have an expansion, we’re not forced to sell our Bitcoin to fund that expansion. We try to operate conservatively, where we never have to sell our Bitcoin and we just keep accumulating on our treasury.”
At the moment, none of the restaurant’s outlets in Ontario directly accepts Bitcoin or any other crypto for payments. However, each location is home to a BTC ATM, which allow its customers to make crypto transactions.
Tahini owners decided to invest in Bitcoin as they felt that the money printing activities could devalue fiat. “It was apparent to us that cash didn’t have the same appeal,” Haman said in 2020. “That eventually with all the excess cash circulating the economy that cash would be worth less.”
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