As more and more large companies and investors turn to Bitcoin (BTC) in search of reserve assets and to hedge against inflation, a small Canadian business shows that it could help smaller businesses too.
Canadian restaurant chain Tahinis, which calls itself the “best Middle Eastern restaurant in the world”, has hit the BTC drum again, calling the token “digital gold” and reiterating its decision to convert its fiat reserves to BTC.
The chain serves Middle Eastern food at four locations in Canada, with three more to be opened. It was founded in London, Ontario.
It first made headlines in the crypto world in August of this year when it took on Twitter and announced that it would switch its “entire” cash supply to BTC.
And in a newer one series By tweets the company again expressed its convictions – like those of the American software company MicroStrategy – that companies benefit in the long term from throwing cash away in favor of BTC purchases.
We switched our entire reserves to #Bitcoin in August 2020 and since then we have been ridiculed and labeled as irresponsible … https://t.co/Wd1dIOK3xh
Tahini wrote that his “current macroeconomic environment implies that his money supply will” expand by 10 to 15% each year for the next three to five years (or more) “.
The company added, “Wealth will inflate. Bitcoin is digital gold and will have the highest real return because you can no longer earn [of] it.”
The restaurant owner also took time to tour other asset classes like gold.
“All other investments are overvalued businesses. Bonds are unethical, stocks are grossly overvalued, gold is a crappy store of value that declines 2% annually. Gold in 2020 is a scam. You will see governments and institutions pumping it up to avoid misinformed private investors, as Bitcoin is 1000 times better in all aspects. “
And the chain claimed that in “years to come and maybe forever when we don’t need the Fiat,” it would continue to convert cash receipts to BTC, adding that “we won’t wait for the S&P 500 to start doing it.” . “
The company did not release any figures on its investments. Cryptonews.com has asked Tahini’s for a comment.
At the time of writing (15:21 UTC), BTC is trading at USD 18,959 and is down 2% in one day and 1.5% in one week. The price increased 40% in a month and 156% in a year.
Bitcoin Makes US Dollar Less Relevant – BlackRock CEO
Corporate treasures between inflation rocks and Bitcoin