In 2020, the coronavirus pandemic had horrible effects on businesses throughout the world. Many companies began shutting their doors permanently due to the rampant trouble the pandemic presented for the global economy, but not every enterprise had a hard time. One restaurant called Tahinis – located in Canada –made quite a bit of profit during 2020, and it has bitcoin and crypto to thank. Tahinis Sees BTC Profits Explode Based in London, Ontario, Tahinis has made a name for itself by serving authentic Middle Eastern cuisine. In 2020, the owners of the restaurant got a grand idea to invest all the money they made into digital currencies, and that decision has paid off. The sibling founders – named Aly and Omar Hamam – say bitcoin has not only made them lots of money,
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Nick Marinoff considers the following as important: Bitcoin, Bitcoin News, Inflation, News, Tahinis
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In 2020, the coronavirus pandemic had horrible effects on businesses throughout the world. Many companies began shutting their doors permanently due to the rampant trouble the pandemic presented for the global economy, but not every enterprise had a hard time. One restaurant called Tahinis – located in Canada –made quite a bit of profit during 2020, and it has bitcoin and crypto to thank.
Tahinis Sees BTC Profits Explode
Based in London, Ontario, Tahinis has made a name for itself by serving authentic Middle Eastern cuisine. In 2020, the owners of the restaurant got a grand idea to invest all the money they made into digital currencies, and that decision has paid off.
The sibling founders – named Aly and Omar Hamam – say bitcoin has not only made them lots of money, but it has also offset some of the effects of inflation, which ultimately caused some materials and ingredients for meals to practically skyrocket overnight.
In an interview, Aly explained:
We’re up, to date, 460 percent on our initial investment and we didn’t stop there. We will continue sweeping excess profit into bitcoin. We even bought the [April 2021 price] top and then rode it all the way down, and we just kept buying month after month after month, so it has worked like a charm.
Tahinis has taken a page right out of MicroStrategy’s book. The firm ultimately operates in fiat currency, which in this case is Canadian dollars, but at the end of the day, uses all that money to invest purely in bitcoin. The firm saw BTC trading for under $12,000 during August of last year, which is around the time the company began investing.
Now, however, the currency is trading for just shy of $68,000. Initially, the founders had no interest in BTC given that one of their idols – Warren Buffett – is known for disliking the asset and has referred to it by some rather derogatory names in the past. All this changed when the brothers decided to take a chance. To date, the company is enjoying more than $8 million in profit each year.
Now, the siblings are looking to expand their restaurant and further their chain. Initially, there were eight restaurants throughout the country, but the money made from BTC will allow the brothers to open a new location. By the end of 2022, they say they should have enough money to open 29 restaurants.
Dealing with Inflation
Aly says:
The main problem that we have right now is that dollars are devaluing. Central banks will say inflation is only five percent, but that really depends on what you want to buy. Poultry is up 45 percent, beef is up 25 percent, imported goods and spices are up 65 percent, and oils are up 110 percent, so it makes sense to put our money into [bitcoin], and that will outstrip any inflation rates we see for the coming decade.