In Canada, a chain of Middle Eastern cuisine restaurants has just converted all its reserves to Bitcoin.
As announced this week on Twitter by Tahini’s, self titled „the best Middle Eastern restaurant in the world,“ the company had considered converting its cash reserves to BTC as early as March this year, when the Canadian government began introducing assistance programs for companies damaged by the pandemic.
As the U.S. and Canada printed large amounts of money to support their struggling economies, Omar Hamam, the owner of Tahini’s, began to see the financial system as „a game of musical chairs being played right now, but soon the music will stop and some people will be excluded.
According to Hamam, subsidies for the population and companies will devalue the legal tender currency:
„It was clear to us that cash would no longer be of equal importance. That eventually, with all the money in circulation in the economy, the value of money would decrease.
As time went by, I tried to learn and increase my knowledge of finance. In the crypto currency community it is said that you have to hear about Bitcoin at least 7 times before you enter the industry. I find it totally accurate.“
Hamam therefore decided to convert the company’s funds into Bitcoin because „it offers a much better alternative to saving money“. Tahini’s will continue to use Bitcoin as a store of value „maybe forever if we never need fiat money“.
Gradual adoption of Bitcoin
It therefore appears that Tahini’s is following the same financial strategy as MicroStrategy, a U.S. business intelligence giant, which announced last week that it had adopted Bitcoin (BTC) as its main reserve asset.
The landscape is changing very quickly. Some experts are now wondering if even Berkshire Hathaway, controlled by the famous Warren Buffett, will start investing in cryptocurrency as a hedge against inflation.
The restaurant’s decision to switch to Bitcoin has received great support from the community. Anthony Pompliano, founder of Morgan Creek Digital, commented on Twitter that „another company is converting its capital into Bitcoin“ and that this idea is gradually gaining ground.
Peter McCormack, host of What Bitcoin Did podcast, reiterated Pompliano’s statements. He also revealed that he is considering converting all his savings into BTC.