Canadian restaurant chain Tahini’s converts all fiat reserves into Bitcoin

London, Ontario-based Middle Eastern restaurant chain Tahini’s has converted fiat assets into Bitcoin amid the economic fallout from the COVID-19 pandemic.

As a small company that started in London Ontario Canada we operate 4 corporate locations and 3 Franshise locations about to open up in Ontario. We just converted our entire cash reserves that were originally used as savings into #Bitcoin
Time for thread 👇🏽👇🏽👇🏽

— Tahinis Restaurants (@TheRealTahinis) August 18, 2020

In the company’s statement, COVID-related restrictions severely rattled its business. As the situation began to stabilise, the firm faced a new challenge: government relief payments to employees made it more profitable to stay at home than to return to work.

The inflow of fiat enabled Tahini’s to resume a period of rapid growth, but management also came to understand that measures tied to money creation tend to erode their value.

At that moment, Ali Hamam, the company’s chief, began studying Bitcoin through articles, podcasts and blogs by well-known experts. Ultimately he realised that cryptocurrency is a more reliable alternative to fiat money.

12) 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. We will continue to do that over the coming years and maybe forever if we don’t have a need for the fiat.

— Tahinis Restaurants (@TheRealTahinis) August 18, 2020

“At that moment, as a company, we decided to store all free cash in Bitcoin, since it offers a much better alternative to fiat. We will continue to do so in the coming years or perhaps forever, if we do not need that money,” wrote Ali Hamam.

As of now Tahini’s operates four outlets in Ontario, with three more franchise locations expected.

Earlier this month, Nasdaq-listed MicroStrategy invested $250m in Bitcoin. CEO Michael Saylor described it as a more reliable alternative to the US dollar, even though in 2013 he predicted the imminent death of cryptocurrency.

Subscribe to ForkLog news on Twitter!