Fast Food Firm Up 460% By Investing Profits into BTC
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Fast Food Firm Up 460% By Investing Profits into BTC

5 months ago

Tahinis, a chain of Middle Eastern restaurants in Canada, has adopted the so-called "Bitcoin Standard."

Fast Food Firm Up 460% By Investing Profits into BTC

Inhaltsverzeichnis

A small business has been investing all of its profits into Bitcoin — and says the radical strategy works wonders.

Tahinis, a chain of Middle Eastern restaurants in Canada, has adopted the so-called "Bitcoin Standard."

Although transactions are completed and recorded in Canadian dollars as normal for tax and accounting purposes, any additional proceeds are then converted into the world's biggest cryptocurrency.

Executives began embracing BTC back in August 2020 — and told Markets Insider that they're up 460% on their initial investment. Back then, a single Bitcoin was valued at about $12,000. Tahinis' chief marketing officer Aly Hamam told the publication:

"We will continue sweeping excess profit into bitcoins. We even bought the [April 2021 price] top and then rode it all the way down, and we just kept buying month after month after month. So it has worked like a charm for us."

Tahinis has won plaudits from the Bitcoin community for its bold move — not least from Michael Saylor. He is the CEO of MicroStrategy, a publicly listed company that holds vast amounts of Bitcoin in reserve. That firm has even raised debt to increase its investment further.

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Why?

It seems the strategy has paid off when it comes to Tahinis' bottom line. The company plans to have nine restaurants by the end of this year, expanding to 29 in 2022.
But aside from Bitcoin's value to appreciate, Tahinis says there is a more compelling reason for its crypto investment: devaluing dollars. Noting how prices have changed over the past 18 months, Aly added:

"Central banks will say inflation is only 5%. But that really depends on what you want to buy. Poultry is up 45%, beef is up 25%, imported goods and spices are up 65%, oils are up 110%."

By holding Bitcoin, the company hopes to mitigate any impact that inflation may have on its reserves in the coming years, with some central bank officials warning the issue may linger into next year.

Tahinis has also been attempting to educate its employees and customers about crypto — installing Bitcoin ATMs across its restaurants so they too can gain exposure to this digital asset.

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