A London restaurant chain owner described how investing in Bitcoin saved his firm from failing as a result of the pandemic’s economic effect.
According to Aly Hamam, the owner of Tahini restaurant, the firm decided to change its corporate balance sheet to Bitcoin after a fall in sales, The Star reported.
Tahini, a restaurant with a Middle Eastern motif, originally had three locations in London but has now grown to four more sites across Ontario, Canada. Additionally, the company plans to establish between 20-25 additional locations before the end of 2022.
Following the change, Hamam said that the restaurant’s original Bitcoin investment increased by 300 percent throughout the time, profiting on the cryptocurrency industry’s development. He also noted that Bitcoin has served as a hedge against rapidly rising inflation.
“In August 2020, we made the transition to a Bitcoin-based company balance sheet, and since then, we’ve gained more over 300 percent on our original investment. Everything did an excellent job of insulating us against inflation, and it performed just as we anticipated,” Hamam said.
Interestingly, the eatery has yet to accept cryptocurrency payments, preferring to invest its fiat profits in Bitcoin. In this situation, Tahini was able to liquidate its Bitcoin holdings in order to finance future development.
Bitcoin was trading at $12,000 at the time of investment and had increased to $41,800 at press time, a gain of about 250 percent.
“We retain roughly three to six months’ worth of operating capital in cash, and the remainder is entirely in Bitcoin,” Hamam said. “As a result, anytime we expand, we are not compelled to sell our Bitcoin to finance the growth. We want to operate cautiously, in the sense that we never sell our Bitcoin and instead continue to accumulate it in our treasury.”
Notably, the restaurant’s concept demonstrates Bitcoin’s rising popularity as a store of wealth and hedge against inflation.
Encouragement of additional Bitcoin’s participation
As a result of the success, Tahini has now put Bitcoin ATMs in each of its restaurants to encourage customers and workers to invest in the cryptocurrency.
With the rising popularity of cryptocurrency, the advent of ATMs is serving as a catalyst for the asset’s widespread adoption.
According to an earlier Finbold research, about 20,000 Bitcoin ATMs were deployed in 2021, equating to nearly 50 units every day. According to Coin ATM Radar, there were 34,882 cryptocurrency ATMs as of January 19th.
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