More than a year after a Canada-based Middle Eastern restaurant chain converted its fiat cash reserves into Bitcoin, the owner reported the move helped save the business during the pandemic.
According to a Tuesday report from Canadian news outlet Toronto Star, when Tahini’s restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin in August 2020 because it offered “a much better alternative to saving cash,” the price of the crypto asset was roughly $12,000. Aly Hamam reported the business had benefited from the initial crypto investment.
“We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, we’re up more than 300 percent on our initial investment,” said Hamam. “It’s really done its job of protecting us against inflation and it worked as we intended it to.”