California-based craft superfood chain Everbowl has announced it’s moving its business operations to a Bitcoin standard, in which it will be converting cash reserves into the flagship cryptocurrency.
According to an announcement the California-based superfood chain published, Everbowl has conducted research and spoke with advisors about its available options to move their treasury into BTC and how to run the company using a bitcoin standard.
Jeff Fenster, founder and CEO of Everbowl, was quoted saying:
We’ve concluded that running the business exclusively on cash isn’t the most advantageous, nor the safest, method of running a business in 2022 and beyond.
Fenster added that he understands it is “still early in terms of corporate adoption, as well as governmental adoption of Bitcoin.” The CEO added the firm plans to “make a contribution to this cause by leading with our example.”
He added that a “disruptive growth company should always position itself ahead of the pack and take the lead by adopting new technologies early rather than late.” To Fenster, the bitcoin standard will become the gold standard in the future.
As first reported by Bitcoin Magazine, Everbowl’s treasury strategy was altered in “light of the excessive debasement of the U.S. dollar coupled with a 39-year high inflation rate,” which saw the value of the cash within the firm erode “at an unsustainable rate.” The CEO encouraged other business leaders to, at a minimum, do their own research on bitcoin.
In the future, the company plans on allowing its employees to get paid in the flagship cryptocurrency. Fenster added:
While we understand it is not possible to convert 100% of our business operations to the Bitcoin Standard at this time, we will increase our adoption and conversion as more access points become available.
As CryptoGlobe reported, last year a Canadian restaurant chain converted its entire fiat cash reserves into bitcoin. The family-based restaurant chain revealed late last year the strategy was working “like a charm.”
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