A Restaurant convert entire savings to Bitcoin

[Cullen]

According to the tweet

https://twitter.com/i/web/status/1295770434349281281

. Tahinis, A Canada-based Middle Eastern restaurant has converted all their entire savings to bitcoin.

The decision to turn the cash holdings to cryptocurrencies emerged in the March crash and as the Canadian government started to offer aid services to companies struggling to stay open owing to the pandemic.

With the U.S. and Canada printing money to support their crippled economies, Tahini's owner Omar Hamam began to see the financial system as "a play of tic tac toe being played right now, and music will halt and some people would be left out."

Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."

He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."

 

[Maxwell]

The amount of fiat which would be converted to Bitcoin may not be that huge compared to some of the recent buys into bitcoin, like microstrategy, but it's a positive news. The more small and medium enterprises begin to adopt Bitcoin the closer it would be brought to the locals in various regions as these businesses interact more with the people.

The restaurant operates about 7 cooperate and franchise locations as per the tweet and if they were to accept Bitcoin as a means of making payments while it being their reserve savings asset, there would be no need for payment processors. This would improve Bitcoin adoption significantly.

 

[Juan]

While it's a very very risky move if they're willing to convert it due to the pandemic, I get what they feel. Restaurants have been pretty brutally affected by the pandemic and as an owner of one, having to close indoor activities (here in Romania at least) and lessening the amount of tables and chairs for outdoor restaurants have drastically lowered down their earnings. BUT, is it the best idea to take it all and push it into BTC? It's quite risky considering BTC isn"t considered a safe haven asset necessarily, isn't it?

 

[Cole]

https://twitter.com/i/web/status/1295770442582695936

I'm glad that at least one man became aware and broke away from the influence of the old fart WB - and all those who still admire him, maybe one day you will realize how much damage he did to Bitcoin with his statements.

 

[Cole]

This is one nice story about how people who lose confidence in the financial system have an alternative to protect their future, but I don’t think it’s too smart to announce publicly that you’ve made a move like this. I hope this person understands what Bitcoin is in terms of security, and that he has to deal with the risks of losing it no matter how he keeps it.

If he keeps it through custodial service then he is not actually the owner, and if he is his own bank then he has drawn a target on his forehead and invited all thieves to visit him in his home. Personally, I don't see the need to publish something like this to the public, but obviously we don't all have the same criteria when it comes to certain things.

 

[Ivan]

I'm quite positive about BTC retaining it's value however not about the security of things where we hold our cryptos. No wallets are perfect and God forbid if his private keys get leaked, that would be catastrophic.

(I'm sorry to be negative Nancy)

 

[Jesus]

That's great news for the company and I'm sure many more businesses are doing exactly that but 99% of them keep silent about it - announcing you're going all in on bitcoin is a great publicity stunt but many people would be wary about telling the government and the IRS all about the btc they're hodling

 

[Ahmir]

Even with the recession, pandemic and the money printing that will cause inflation, bitcoin can't as a result of that be considered as a safe haven asset, so just as you said it is a very perilous decision from this Canadian based restaurant owner. Bitcoin will definitely be an option against inflation and fiat devaluation, but isn't converting all the assets of his business to bitcoin against the rule of thumb of "investing with what you can afford to lose".

Bigger firms that have adopted bitcoin this year have put only parts of their assets, this decision could have consequences, mind you that it's also possible that this person is only using btc for the first time and is not prepared to handle a situation of volatility and FUD, and what it will mean for his business (restaurant)

 

[Calvin]

This man before this sell his company and his own house in exchange for Bitcoin.
His entire savings also converted into many other cryptocurrencies.
https://www.businessinsider.com/man...eves in bitcoin,near Venlo in The Netherlands.

 

[Kingston]

Well, this kind of news is not that exciting as it was when I first heard a man sold his house to buy BTC and decide to live in a tent where he can spend the rest of his life until the bull run, I wonder what he is doing right now and that man have some family too.

https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10

Now we have this news, of course we hope everything will go as they planned. I think this is better than selling your home you know?

 

[Diego]

New here, but wouldn't it be a safer play to spread the savings over Alternative coins? Despite Bitcoin being the most stable one, this seems to me like putting all of your life savings to buy shares of a single stock.

 

[Ashton]

It's quite already a sign that the company is ready to face the possible scenario that the pandemic could brought to us especially with businesses. I can say, it's a good move especially, an establishment that could not reach their daily quota because of the pandemic and despite the fact that deliveries are available. Perhaps, the owner spent too much time thinking about the risk but I hope he also thought of an idea to still continue the business with positivity especially, applying bitcoin to his business's payment system.

 

[Kaiden]

It's an interesting article / story and I certainly appreciate you sharing it with us. I think this guy is in over his head just a little bit. I don't think he really has a true grasp of how things work. We've all seen bitcoins volatility over the years, and there's absolutely nothing stopping it from going to the equivalent of $1000 US dollars. What if that did happen, where would his business be then?

 

[Giovanni]

This isn’t an isolated incident, fiat currency is losing value & trust. Personally, my money is also 100% in bitcoin, I feel much happier this way than having useless fiat savings.