Tahinis Restaurants - a chain of Middle Eastern restaurants based in Canada- has converted all of its fiat cash reserves into Bitcoin.
The company announced its decision in a tweet on August 18th. According to the twitter thread, the company had experienced declining revenues in March due to the COVID-19 restrictions imposed in several cities, preventing people from shopping and other daily activities. As a result, the management had to reduce its workforce to keep operating expenses at the barest minimum, as demand had decreased drastically.
However, in the following months, the government started issuing cheques to both individuals and businesses to make them stay afloat because of the pandemic that had affected many companies and jobs.
According to Tahini's owner - Omar Hamam, this seemed like a short term solution, but it created another problem. Suddenly, it became apparent that it would be profitable to stay at home and receive unemployment cheques and subsidies than go to work. As a result, the employees who had been laid off temporarily were no longer motivated to resume work, even after Tahini had offered to reinstate them.
Omar stated that this situation also mirrored the sentiments of other people who received these government handouts. Though he had been quite skeptical about investing in bitcoin, after reading several books and articles on bitcoin and cryptocurrency investing, he started investing some of his savings in crypto.
Based on his investing outcome, he stated that bitcoin is an asset class that serves as a good store of value, beyond time and space. Consequently, he decided to covert all Tahini's excess cash reserves to bitcoins.
Source: Cointelegraph
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