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A Canadian restaurant chain reports 300 percent gains on BTC investmentsNEWS
More than a year after converting its fiat cash reserves to Bitcoin, the owner of a Middle Eastern restaurant chain in Canada has stated that the move helped rescue the firm during the pandemic.
The price of Bitcoin (BTC) was around $12,000 in August 2020, according to a Tuesday report from Canadian news outlet Toronto Star, when Tahini's restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company's savings into the crypto asset because it offered "a much better alternative to saving cash." According to Aly Hamam, the initial cryptocurrency investment benefited the company.
"We switched to a Bitcoin-based business balance sheet in August of 2020, and since then, we've gained more than 300 percent on our initial investment," Hamam stated. "It did a great job of insulating us against inflation and did exactly what we wanted it to do."
BTC's price has dropped to $41,729 at the time of publication, after reaching an all-time high of almost $67,000 in November 2021. Despite the company's sales plummeting by 80 percent in a week during the onset of the epidemic, Hamam claims that the crypto investment has enabled them to grow from three to nine restaurant locations at a time when many in the business are struggling financially.
"We keep a working capital in cash for three to six months, and then everything moves into Bitcoin," Hamam explained. "As a result, anytime we expand, we're not forced to sell our Bitcoin to fund it." We attempt to operate in a conservative manner, never selling Bitcoin and instead accumulating it in our treasury."
More than a year after converting its fiat cash reserves to Bitcoin, the owner of a Middle Eastern restaurant chain in Canada has stated that the move helped rescue the firm during the pandemic.
The price of Bitcoin (BTC) was around $12,000 in August 2020, according to a Tuesday report from Canadian news outlet Toronto Star, when Tahini's restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company's savings into the crypto asset because it offered "a much better alternative to saving cash." According to Aly Hamam, the initial cryptocurrency investment benefited the company.
"We switched to a Bitcoin-based business balance sheet in August of 2020, and since then, we've gained more than 300 percent on our initial investment," Hamam stated. "It did a great job of insulating us against inflation and did exactly what we wanted it to do."
BTC's price has dropped to $41,729 at the time of publication, after reaching an all-time high of almost $67,000 in November 2021. Despite the company's sales plummeting by 80 percent in a week during the onset of the epidemic, Hamam claims that the crypto investment has enabled them to grow from three to nine restaurant locations at a time when many in the business are struggling financially.
"We keep a working capital in cash for three to six months, and then everything moves into Bitcoin," Hamam explained. "As a result, anytime we expand, we're not forced to sell our Bitcoin to fund it." We attempt to operate in a conservative manner, never selling Bitcoin and instead accumulating it in our treasury."
