Canadian Restaurant Chain Uses Entire Reserves To Buy Bitcoin
Canadian restaurant chain Tahinis Restaurants has announced that it’s converting all of its cash reserves into buying Bitcoin.
The Middle-Eastern themed restaurants which claim to be ‘the best Middle Eastern restaurant in the world’ took the decision to re-evaluate their holdings after the Canadian government imposed a lockdown in March, making it impossible for businesses to operate.
‘We just converted our entire cash reserves that were originally used as savings into Bitcoin.’
Corporate Reserves Buying Up Bitcoin
Middle Eastern themed restaurant chain Tahinis Restaurants has decided to use its spare cash reserves and buy Bitcoin following the unexpected shutdown of the global economy and the government’s fiscal policy following the pandemic.
In a tweet thread from Tahinis, the chain say the decision came on the back of the Canadian government’s policy of providing financial assistance for everyone.
In the tweet thread, they say even though they had to shut down, they managed to keep a positive cash flow, and the assistance from the government to help its employees saw them through the lockdown.
However, when the lockdown was eased and the restaurant chain wanted to fully re-open its employees were actually better off not working and instead stay at home.
According to Tahinis, Canadians and businesses went from an economic crisis to an abundance of money, but this was the problem that propelled them to reevaluate their reserves and buy Bitcoin.
‘Our Cash reserves swelled and business was booming again. But it was apparent to us that cash didn’t have the same appeal. That eventually with all the excess cash circulating the economy that cash would be worth less.’
Tahinis Restaurants is based in London Ontario Canada and operate 4 corporate locations and 3 franchise locations in Canada.
It’s not the biggest of corporate companies, but a significant move none the less, and the news comes after MicroStrategy announced its Bitcoin purchase last week.
Gradually, Then Suddenly, They Will All Buy Bitcoin
Tahinis’ decision to put its entire cash reserves into Bitcoin might not come as a shock to those in the Bitcoin space. These moves have been anticipated for a while, now.
Tahinis likened the adoption of Bitcoin to a ‘game of musical chairs’ in which they don’t want to be left without a seat.
And it’s apparent bigger corporations are also doing their research and deciding enough is enough, and many see Bitcoin as a perfect hedge against Central Bank corruption.
Last week it was announced that public company MicroStrategy had decided to move more than 25% of its equity into buying Bitcoin.
The Nasdaq listed company purchased a staggering 21,245 bitcoins at a valuation of $250 million. Not a Bitcoin Investment fund, but they actually bought Bitcoin.
MicroStrategy is a mid-sized corporation and had evaded mainstream attention pretty much until its decision to buy Bitcoin.
But the most significant thing about the MicroStrategy purchase is that much of the equity is publicly owned, including Wall Street giants BlackRock, Vanguard and JP Morgan.
Think about that: BlackRock, Vanguard and JP Morgan all part of the decision to buy 21,245 bitcoins.
What Next for Bitcoin?
We saw Bitcoin reach almost $20k in December 2017 when the infrastructure was way inferior than it is today.
The Bitcoin landscape is changing so fast, and as well as Tahinis and MicroStrategy making Bitcoin their primary asset, we’ve seen governments around the world open up to Bitcoin.
US banks are now allowed to custody Bitcoin, and Iran has sanctioned a huge state sponsored mining farm.
We’re seeing many Bitcoin trading options open up all around the world, and with the Lightning and Liquid Networks starting to gain traction.
Added with the fact that pretty much every government is trying to print its way out of trouble again, it’s all perfect timing.
Nobody wants Hyperbitcoinization as that would be messy, but does anybody doubt Bitcoin will rise in value against every fiat currency? It’s interesting times, and the next bbig move might just be a government’s intention to buy Bitcoin.
Author: Tommy Limpitlaw
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.