A chain of restaurants in the Middle East based in Canada You have just converted all of your fiat cash reserves into bitcoin.
According to a Tweet from August 19th Tahini’s – “the best Middle Eastern restaurant in the world” – The decision to switch its cash reserves to cryptocurrencies had its origins in the collapse in March and when the Canadian government began providing aid programs to businesses that couldn’t stay open due to the pandemic.
When the United States and Canada were printing money to prop up their troubled economies, Tahini’s owner Omar Hamam began to see the financial system as “a game of musical chairs that is being played and the music will stop and some people will stop.” is omitted. “
Hamam said he was concerned that donations and money printing would devalue fiat currency. “We knew that cash didn’t have the same appeal,” he said. “That ultimately with all the excess cash circulating in the economy, that cash would be worth less.”
“Over time, I’ve been constantly trying to learn and expand my knowledge of finance. I’ve heard people in the bitcoin community say that you have to hear about bitcoin at least seven times before getting involved. 100% accurate “.
He decided to convert the company’s savings into bitcoin because “it is a much better alternative to saving money”. He reported that they would continue to use Bitcoin as a reserve, “maybe forever if we don’t need fiat money.”
Bitcoin is accepted here
Tahini’s is following the same financial planning strategy as publicly traded business intelligence firm MicroStrategy, which announced last week that it had introduced Bitcoin (BTC) as its main reserve asset. MicroStrategy bought 21,454 BTC for approximately $ 250 million.
The landscape is changing so quickly that some are wondering if even Warren Buffett-controlled Berkshire Hathaway could invest in cryptocurrencies to hedge against inflation.. The company invested in a gold mining company for the first time this week.
The restaurant’s decision to switch to Bitcoin was enthusiastically supported by the crypto community. Podcaster Anthony ‘Pomp’ Pompliano tweeted expressed his support, saying that “another company is converting capital on its balance sheet into bitcoin,” adding that he thought the idea was being taken seriously. Peter McCormack, host of the What Bitcoin Did podcast, repeated of pomps thoughts and tweeted which is also considering converting all of its non-circulating capital to BTC.