While more big companies and investors are turning into bitcoin (BTC) in search for a reserve asset and hedge against inflation, one Canadian small business shows that it might help smaller enterprises too.
Canadian restaurant chain Tahini’s, which calls itself the “best Middle Eastern restaurant in the world,” has been banging the BTC drum again, calling the token “digital gold” and reaffirming its decision to convert its fiat reserves to BTC.
The chain serves Middle Eastern food at four locations in Canada, with three more set to open, and was founded in London, Ontario.
It first made headlines in the crypto world in August this year, when it took to Twitter, announcing that it was converting its “entire” cash supply to BTC.
And in a recent series of tweets, the firm once again voiced its beliefs – like those of American software firm MicroStrategy – that businesses will benefit over the long-term from ditching cash in favor of BTC-buying.
We converted our entire reserves to #Bitcoin in Aug 2020 and since then we’ve been ridiculed and called irresponsib… https://t.co/Wd1dIOK3xh
Tahini’s wrote that its “current macroeconomic environment implies that there is going to be 10 to 15% expansion” to its monetary supply “every year for the next three to five years (or more).”
The firm added that “Assets are going to inflate. Bitcoin is digital gold and it’s going to have the highest real yield because you can’t make any more [of] it.”
The restaurant owner also took time to take a swipe at other asset classes, including gold, adding,
“All the other investments are overvalued trades. Bonds are unethical, stocks are grossly overvalued, gold is a shitty store of value that debases by 2% a year. Gold in 2020 is a scam, you’ll see governments and institutions pumping it to dump on retail misinformed investors because bitcoin is 1000x better across all aspects.”
And the chain claimed that it would continue to convert cash revenues to BTC in “coming years and maybe forever if we don’t have a need for the fiat,” adding that “We will not wait for S&P 500 to start doing so.”
The company did not provide any numbers about its investments. Cryptonews.com has contacted Tahini’s for comment.
At the time of writing (15:21 UTC), BTC trades at USD 18,959 and is down by 2% in a day and 1.5% in a week. The price ralied by 40% in a month and 156% in a year.