Copy link
Increase text size
Decrease text size
Link copied

Canada-based restaurant chain converts reserve fiat to Bitcoin (BTC)

A Canadian restaurant chain owner believes that holding Bitcoin (BTC) is a better alternative compared to saving cash.

Image by Ricardo Goncalves from Pixabay

Sun, 23 Aug 2020, 11:12 am UTC

With various social distancing rules in place, cryptocurrency adoption surged during the coronavirus pandemic as cashless payments became the norm. In fact, digital currencies have already made their way into mainstream finance with an increasing number of banks starting to offer Bitcoin (BTC) custodial services to their clientele.

Various businesses are also starting to view popular cryptocurrencies such as a dependable store of value and are including BTC as part of their capital allocation strategy. But Canada-based resto chain is going a step even further by converting all of its cash reserves into Bitcoins.

Tahini, a Canada-based restaurant chain that specialized in Middle Eastern cuisine, announced its decision to covert its cash into Bitcoin last week, according to Cointelegraph. Apparently, the decision to switch can be traced back to March’s market crash when the Canadian government provided assistance to businesses hit by the coronavirus pandemic.

As Canada and the United States started printing money to prop up their economies, Tahini owner Omar Hamam noted another problem cropping up. “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,” Hamam posted on Twitter. “All of a sudden we went from an economic crisis to everyone having a lot of money including us.”

He was concerned that the Canadian dollar will devalue with so much money in circulation. “It was apparent to us that cash didn’t have the same appeal,” Haman wrote. “That eventually with all the excess cash circulating the economy that cash would be worth less.”

“As time went on I was constantly trying to learn and grow my knowledge about finance,” Haman explained how he came across Bitcoin. “I heard people in the Bitcoin community saying you have to hear about Bitcoin at least 7 times before you get into it. 100% accurate.”

He became convinced that Bitcoin “stores wealth across time and space.” “And 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,” Haman concluded. “We will continue to do that over the coming years and maybe forever if we don't have a need for the fiat.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.12.12 07:55:18
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 we bless the lord for a year well spent .
  • 0
  • ·
  • 0
  • Robert
  • 2020.09.18 01:43:23
I know about stolen Bitcoins a little too much and this is because I have been tricked into investing in a Bitcoin company that turned out to be a scam, so I had my bitcoins stolen.

The digital and virtual nature of the cryptocurrency makes it hard to trace hence it is a nightmare when you get swindled of your coins. Losing my 9 BTC to fraudsters last year was agonizing and tortuous as I did not know where to turn. I gave up hope, beat myself up for being dumb but about the evil nature of the criminal fraudsters. I was licking my figurative wounds with a lot of “what ifs”, wishing to turn back the hands of time when I stumbled upon ASSETRESCUE01 @GMAILCOM

To be fair, I did not take them seriously at first but I decided to give it a shot as I literally had nothing to lose at the point. Recovering lost cryptocurrency is near impossible but by reporting the situation to ASSETRESCUE01 @GMAILCOM , you give yourself a fighting chance at recovering what was lost. They have the technology to do the near impossible. You can simply send an email or WhatsApp on +1 206 745-0108
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $50,717.00 (+2.70%)
  • Ethereum (eth) $1,743.57 (+4.79%)
  • Binance Coin (bnb) $237.89 (+5.08%)
  • Cardano (ada) $1.15 (+2.26%)
  • Tether (usdt) $1.00 (+0.32%)
  • Bitcoin (btc) $50,717.00 (+2.70%)
Mar 8, 2021 (Monday)
04:06
Loopring CEO: We Will Never Get Involved In NFT
03:42
StaFi announced, "rETH Staking Pool and #rETH/#ETH #Uniswap LP farming is coming very soon."
03:31
Rapper Soulja Boy Mints His Tweet To An NFT Through Valuables
03:16
Crust Maxwell Decentralized Storage Market To Undergo Several Upgrades In Mid-March
03:13
CoinNess Market Surveillance Mar. 8: BTC Trading Above $50000 Level
02:56
Armor.Fi tweeted, "Based on feedback from the $ARMOR community, we recently extended the Armor rewards program from 24 weeks to 2 year."
02:54
Big Data Protocol Alliance Adds Another Data Provider, Collaborative Stock Trading App, ClosingBell
02:30
BTC Drops by 1.14% Within 5 Mins, Marking 50,711.69 USDT
02:30
Curve Proposes To List 5 New Pools
02:08
yearn.finance Launches Yearn Partners Program
02:03
Ethernity Chain To Postpones NFT Sale Of Boss Logic
02:00
BTC Tops List Of Crypto Net Outflow With $128.11 Mln In Past 10 Hours
01:55
Data Summary Of Boboo.com's Perpetual Contract: Mar 6
Mar 7, 2021 (Sunday)
14:16
BTC Drops by 1.03% Within 5 Mins, Marking 50,644.69 USDT
08:06
BTC Surges by 1.11% Within 5 Mins, Marking 50,660 USDT
Mar 6, 2021 (Saturday)
16:06
BTC Surges by 1.0% Within 5 Mins, Marking 47,593.6 USDT
Mar 5, 2021 (Friday)
22:44
BTC Surges by 1.01% Within 5 Mins, Marking 49,319.7 USDT
19:56
BTC Surges by 1.01% Within 5 Mins, Marking 49,372.49 USDT
19:26
BTC Surges by 1.02% Within 5 Mins, Marking 48,924.57 USDT
16:01
BTC Drops by 1.12% Within 5 Mins, Marking 47,696.6 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft