London, Ontrio based Mediterranean cuisine restaurant chain Tahini’s is using its Bitcoin profits in order to expand to new locations across Ontario.
According to a report by Toronto Star, Tahini’s is using Bitcoin profits in order to open new restaurants in Ontario, a stellar turn around for an enterprise that was on the verge of collapse during the COVID-19 pandemic.
The report claims Tahini’s, owned by brothers Aly and Omar Hamam and their cousin Ahmed, saw their sales drop by 80% at the outset of the pandemic. Aly called the moment “pretty terrifying,” and said the co-owners were working night and day to keep their three London locations open.
The co-owners made the decision to invest all of their profits in Bitcoin in April 2020 as a way to stay afloat. According to Aly, the company is up more than 300% on their initial investment, which has paved the way for a fourth store in London, and five other locations in Ontario.
Aly said the company hopes to hit “20 to 25 locations” in Ontario by the end of 2022.
The co-owners credited Bitcoin as seeing them through the pandemic and providing a safeguard against inflation.
Aly told Toronto Star:
It’s really done its job of protecting us against inflation and it worked as we intended it to.
While Tahini’s does not currently accept digital assets as a form of payment, it continues to invest its profit into Bitcoin.
We keep a working capital for about three to six months in cash, and then the rest all goes into Bitcoin. So, whenever we have an expansion, we’re not forced to sell our Bitcoin to fund that expansion. We try to operate conservatively, where we never have to sell our Bitcoin and we just keep accumulating on our treasury.”
Aly said the decision to invest corporate profits into Bitcoin has allowed the company to resist the inflation that’s driven up food prices around the globe.
He then added:
Due to our macro-economic environment right now, Canadians need a tool like Bitcoin more than ever… This is a way to protect yourself from inflation because the (Bitcoin) money system is fixed (at a maximum of 21 million units), and it doesn’t matter how much money is being printed globally.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.