Tahini’s, a London and Ontario-based chain of Middle Eastern restaurants, has converted fiat assets to Bitcoin amid the economic fallout from the COVID-19 pandemic.
The company said that coronavirus – related restrictions have severely shaken its business. When the situation began to stabilize, the company faced a new problem: due to the payments provided for by the government program, it was more profitable for employees to stay at home than to return to work.
The influx of fiat has allowed Tahini’s to return to a period of strong growth, but the company has also come to realize that the support measures associated with the increase of money lead to a decrease in its value.
At that moment, the head of the company, Ali Hamam, began to study Bitcoin through articles, podcasts and blogs of famous experts. Ultimately, he realized that cryptocurrency was a more reliable alternative to fiat money.
“At this point, as a company, we decided to keep all free cash in bitcoin, as it offers a much more profitable alternative to fiat. We will continue to do this in the coming years, or even forever, if we do not need this money”, wrote Ali Hamam.
Currently, the Tahini’s chain has four locations in Ontario, with three additional franchise locations expected to open.
Earlier this month, Nasdaq-listed company MicroStrategy invested $250 million in bitcoin. The CEO of the firm, Michael Sailor, called it a more reliable alternative to the US dollar, even though in 2013 he predicted the imminent death of the cryptocurrency.