Fun

Canadian Restaurant Chain Tahini’s Converts All Cash Reserves Into Bitcoin

News Feed - 2020-08-23 08:08:00

Canadian Restaurant Chain Tahini"s Converts All Cash Reserves Into Bitcoin


Canada-based Middle Eastern restaurant chain Tahini’s has converted all of its cash reserves into bitcoin. The company says bitcoin offers a much better alternative to cash savings.From Cash Savings to Bitcoin


Middle Eastern restaurant chain Tahini’s has announced via Twitter that its entire cash reserves have been converted into bitcoin. Tahini’s is a small company that started in London, a Canadian city in southwestern Ontario. The Mediterranean restaurant chain currently operates four locations, with three franchise locations about to open up in Ontario. The company tweeted on Tuesday:We just converted our entire cash reserves that were originally used as savings into bitcoin.


Tahini’s proceeded to explain the reasons behind its decision to convert all of its cash reserves into the cryptocurrency. “Going through the crisis of March business was tough on us & people were scared to go out to eat,” the company described, adding that times were tough and many people were let go at the time they were trying to expand their business.


Their expansion plan faced another obstacle. “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. All of a sudden we went from an economic crisis to everyone having a lot of money including us,” Tahini’s detailed. “Our cash reserves swelled and business was booming again,” the company noted, adding:But it was apparent to us that cash didn’t have the same appeal. That eventually with all the excess cash circulating the economy that cash would be worth less.


One of the restaurant’s owners explained what attracted him to bitcoin. He admitted that he came across the cryptocurrency many times in the past, but his idol at the time was Warren Buffett, who called it “rat poison,” so he did not pay attention to it.




He began to change his mind after reading an article entitled “The Number Zero and Bitcoin” by Parallax Digital CEO Robert Breedlove. Following that, he spent the next couple of months accumulating bitcoin in his personal account. He bought even more bitcoin after reading The Bitcoin Standard by Saifedean Ammous, The Price of Tomorrow by Jeff Booth, and articles by Plan B (Twitter handle @100trillionUSD). He also bought more after listening to a number of people in the bitcoin niche, such as Trace Mayer, Peter McCormack, and Anthony Pompliano.


“For me I view bitcoin as a true free savings technology that stores wealth across time and space. And it came apparent to me that there is a game of musical chairs being played right now and the music will stop & some people will get left out,” he opined, elaborating: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.


Tahini’s announcement followed a move by the Nasdaq-listed Microstrategy that became the first major company to convert some of its cash reserves into bitcoin. The company revealed last week that it purchased 21,454 bitcoins at an aggregate purchase price of $250 million.


Do you think many more companies will convert cash reserves into bitcoin? Let us know in the comments section below.Rich Dad, Poor Dad Author Says "Major Banking Crisis Coming," Praises Bitcoin and GoldNEWS | 1 day agoJohn McAfee Ditches Ghost Crypto Project: He Says It Will FailNEWS | 1 day agoTags in this storybitcoin reserves, canadian restaurant, cash reserves, microstrategy, tahini"s bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons, Tahini"sPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data
Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of
Revolut Launches Banking Services in Spain Featuring Deposit Insurance
Revolut Launches Banking Services in Spain Featuring Deposit Insurance Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain.
Bitcoin sale nets German government $2.8B
Ana Paula Pereira5 hours agoBitcoin sale nets German government $2.8BThe Dresden Public Prosecutor’s Office has confirmed the emergency sale of 49,858 Bitcoin between June 19 and July 12, 2024, in connection with the M
Bitcoin Investors Watch Out: Miners Showing Unusual Exchange Inflow Activity
Este artículo también está disponible en español. On-chain data shows the Bitcoin miners have been making an unusually high number of transactions to centralized exchange
Tiago Serôdio11 hours agoMultiparty computation (MPC): Its effects on blockchain innovationStaying ahead isn"t just about embracing current trends; it"s about discerning where the next wave of innovation lies.487 Total
Abra CEO Bullish on Ethereum, Predicts ETH Could Hit $40,000
Abra CEO Bullish on Ethereum, Predicts ETH Could Hit $40,000 Abra’s CEO has predicted that the price of ether could reach $40,000. He’s more bullish on Ethereum than
Jesse Coghlan7 hours agoCircle CEO spells doom scenario for US dollar in warning to CongressJeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust
Ethereum futures markets suggest rally to $3.7K is highly unlikely
Marcel Pechman6 hours agoEthereum futures markets suggest rally to $3.7K is highly unlikelyAnalysts warn that a spot ETH ETH approval might not produce the bullish price outcome that many traders expect. Do futures marke
Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’
Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, "Catalyzing an Economic Collapse" Billionaire hedge fund manager and founde
Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market
Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the cur
UST Rebounds From $0.66 per Coin to $0.93, Crypto Community Assesses Stablecoin’s Damaged Reputation
UST Rebounds From $0.66 per Coin to $0.93, Crypto Community Assesses Stablecoin"s Damaged Reputation On Monday, May 9, 2022, the stablecoin terrausd (UST) lost its parity with the
Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says ‘Centralized Anything Is by Default Suspect’
Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says "Centralized Anything Is by Default Suspect" Ethereum co-founder Vitalik Buterin says many people in the Ethereu