A small Canadian restaurant franchise is investing all of its income in bitcoin. It has a 460 percent return on investment and is expanding the number of locations during the pandemic.
Tahinis is a family-owned restaurant franchise that offers small-business owners the following advice in addition to its Middle Eastern cuisine: Make a bitcoin investment.
Tahinis claims to be the first restaurant chain in the world to put all of its financial reserves into cryptocurrency.
EXPOSURE TO BITCOIN RESULTS IN EXPANSION
Its creators, brothers Aly and Omar Hamam, stated that exposure to bitcoin has aided their expansion in the face of the COVID-19 pandemic and surging inflation, which has driven prices for materials used in shawarma and other cuisines soaring.
The business, which is situated in London, Ontario, Canada, made its first bitcoin investment in August 2020.
In a recent interview, Tahini’s chief marketing officer, Aly, stated, “We’re up to date, 460 percent on our first investment, and we didn’t stop there.” “Excess profit will continue to be swept into bitcoins.
We even purchased the [April 2021 price] peak and then rode it all the way down, and we continued to buy month after month after month. So far, it’s worked perfectly for us “he stated.
Appreciating the decision of Tahini brothers, Microstrategy’s CEO Michael Saylor posted their story on his Twitter account.
In August 2020, bitcoin was trading for less than $12,000. Following a record high above $69,000 last week, it was around $58,075 on Friday.
THE BITCOIN STANDARD STRATEGY
Tahinis has a “bitcoin-standard strategy,” in which it works in fiat money, such as Canadian dollars. They subsequently invests all profits in bitcoin, a move Aly compared to MicroStrategy’s.
Excess cash is utilise by the data analytics firm to buy what it considers to be a “reliable store of value.”
MicroStrategy has 114,042 bitcoins in its possession as of Thursday, worth at nearly $6.8 billion.
Aly had shied away from bitcoin for a while after Warren Buffett, one of his financial idols, dubbed it “rat poison squared” in 2018.
From eight locations in 2021, the company plans to grow to nine by 2022, with a total of 29 eateries.
According to Aly, Tahinis has worked with dozens of small businesses throughout the world to help them transition to a bitcoin-based strategy.
ENCOURAGING EMPLOYEES TO ACQUIRE BITCOIN
To encourage employees and customers to acquire bitcoin, Tahinis has installed bitcoin machines in each of its restaurants.
It doesn’t accept bitcoin for food payments in part because accounting and tax reporting are considerably simpler in fiat currency. They want to encourage people to hold bitcoin.
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