Popular Middle Eastern cuisine restaurant chain, Tahinis Restaurants announced on Twitter that they have converted all their cash reserves into Bitcoin, which were otherwise used as savings. In a long thread, they tagged influencers and platforms that helped them along their journey of embracing the crypto industry and thanked all of them.
As a small company that started in London Ontario Canada we operate 4 corporate locations and 3 Franshise locations about to open up in Ontario. We just converted our entire cash reserves that were originally used as savings into #Bitcoin
Time for thread ??????
— Tahinis Restaurants (@TheRealTahinis) August 18, 2020
The Coronavirus Pandemic literally brought the majority of businesses to a grinding halt for the first half of 2020, and one of the worst-hit industries was the food and hospitality industry. Tahinis were severely affected too, and as they mentioned in a subsequent tweet, they had to layoff a large number of their employees. They also mentioned that since they were in the expansion phase, with three new franchise outlets set to open in Ontario, the pandemic took a significant toll on them physically, as they had to work for extended hours with limited staff assistance.
However, since the laid-off employees were receiving assistance from the government more than what Tahinis could pay, they didn’t turn up for work, even when situations were conducive. This, they added, left them with a lot of money, and they pulled out from the economic crisis. But the employees had enough money too, which Tahinis say, could make cash worthless if everyone has it in abundance.
Eventually, they embraced crypto and converted their savings to Bitcoin, by coming across various crypto influencers and platforms, including Preston Pysh, Robert Breedlove, Saifedean Ammous, Jeff Booth, Raoul Pal, and popular crypto personality and co-founder of Morgan Creek Capital, Anthony Pompliano. Interestingly, Tahinis mentioned that they idolized Warren Buffett for investment advice, who said Bitcoin was rat poison, and that kept them away from Bitcoin for a long time.
Influential Twitter accounts reacted to Tahinis Restaurants’ story, and many users found that their conversion to Bitcoin was inspiring. Famous crypto media platform, Bitcoin Magazine, congratulated the restaurant chain.
— ₿itcoin Magazine (@BitcoinMagazine) August 18, 2020
Tahinis also engaged in a conversation with Bitcoin expert Brandon Quittem, who’s currently an advisor at SwanBitcoin.com. They said that they came across Brandon’s article, titled “Bitcoin is the Mycelium of Money,” which they said helped them.
History favors the bold ?
— Brandon Quittem (@Bquittem) August 19, 2020
Matt Spada, blockchain developer and technical advisor at CasinoCoin Foundation, also commented on the thread and said they were very smart in making the decision. Likewise, Pompi also reacted to the tweet, saying that another company converts its capital to Bitcoin.
Another company converts their balance sheet capital to Bitcoin.
Gradually, then suddenly ? https://t.co/jVGbqrnDGX
— Pomp ? (@APompliano) August 19, 2020