It's that not too risky for them?
They are sacrificing their funds and convert into a volatile market with the use of the bitcoin?. I don't think so this is a good idea because there is a bigger chance that you will lose a lot of money because of the market volatile movement.
Adopting the use of the bitcoin is quite enough for me just my opinion still it's better to make an investment just a little bit amount.
Topic: A Restaurant convert entire savings to Bitcoin (Read 367 times)
According to the tweet https://twitter.com/TheRealTahinis/status/1295770434349281281. Tahinis, A Canada-based Middle Eastern restaurant has converted all their entire savings to bitcoin.
The decision to turn the cash holdings to cryptocurrencies emerged in the March crash and as the Canadian government started to offer aid services to companies struggling to stay open owing to the pandemic.
With the U.S. and Canada printing money to support their crippled economies, Tahini's owner Omar Hamam began to see the financial system as "a play of tic tac toe being played right now, and music will halt and some people would be left out."
Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."
He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
The decision to turn the cash holdings to cryptocurrencies emerged in the March crash and as the Canadian government started to offer aid services to companies struggling to stay open owing to the pandemic.
With the U.S. and Canada printing money to support their crippled economies, Tahini's owner Omar Hamam began to see the financial system as "a play of tic tac toe being played right now, and music will halt and some people would be left out."
Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."
He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
I think it is a good move for the restaurant. I believe that when fiat money of a country starts to struggle, people should give a chance for cryptocurrencies. Because they can be one of best options with gold in such time. After that, maybe they can decide to use more often after fiat money goes back to normal.
So that was around March? Around the Pandemic crash? Then didn't he already get pretty lucky? Since right now his funds are up by 300% or close to that. Or the decision just started in March, but they still didn't buy then until now? If so, then they've lost out on some potential profit. Still, I gotta say, from a business stand point, the decision seems REALLY risky. If it were a part of their total savings, then sure, but all of them? Not that I'm doubting but Bitcoin is a highly volatile asset. Said decision is really risky since they could potentially lose a lot of their funds if something goes really wrong. But if they were to only invest the savings by that point, and not invest anymore, then it could be helpful. Difficult in the early days, but should be manageable, the problems would decrease though the risk would still stay.
" He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
I don't think that's going to happen. Permanently removing fiat means leaving the financial economy on a basically non-transparent situation, where no control could be held over. A lot of issues could prop up, especially from those who don't really know how to manage their finance properly. 
A great choice, converting all FIAT savings into Bitcoin. this includes the mass adoption of the restaurant. The restaurant owner is aware of the use of cryptocurrency and the risks involved. We know the value of bitcoin is very volatile, but if it is managed properly and becomes an investment it will be able to benefit more than FIAT currency. but keep in mind that storing in Bitcoin must have a wallet that is really safe.
I think the option to change restaurant savings to bitcoin will only be made when the FIAT currency economy decreases and when the FIAT currency returns to normal will be converted again, this is only a strategy to reduce the economic downturn effect of the restaurant.
I think the option to change restaurant savings to bitcoin will only be made when the FIAT currency economy decreases and when the FIAT currency returns to normal will be converted again, this is only a strategy to reduce the economic downturn effect of the restaurant.
Thanks for sharing this tweet. I read it, I was inspired by the story so I was encouraged to follow the account to know the updates of the Restaurant. I think it is a challenge for this businessman worth following. I would also be able to assume something similar. From the moment we decide to accept the payment of our salary in bitcoin. We are already taking a big step for massive adoption.
Wow, I am very amazed by the actions that were taken by them. They did crazy stuff (in a good way) and somehow, usually there are times when such thing succeed. But in any way that's a very risky move because USD is like a global currency, if anything goes down with it, everyone goes down but at the same time bitcoin is a very risky currency too, it can go down a lot in a matter of seconds and not rise for months but at the same time it can skyrocket. The bogo deal of bitcoin is that it can go doen but can rise without limits.
A very high risk decision but if he got lucky, he will reap his rewards big time. It is like betting in a lottery, but this one you have high chance to get back your initial funds plus more. I guess there are a lot more companies or individuals that are doing the same because we are in this uncertain times.
This is high risk associated, at the same time it could also profit big to the business owner. Already more such incidents have happened with different people around the globe. In one of the incident, a man sold each and everything he owned along with the house and stayed in refugee camp. This took back years back, and he got good profit for the risk he has taken.
Wow, I am very amazed by the actions that were taken by them. They did crazy stuff (in a good way) and somehow, usually there are times when such thing succeed. But in any way that's a very risky move because USD is like a global currency, if anything goes down with it, everyone goes down but at the same time bitcoin is a very risky currency too, it can go down a lot in a matter of seconds and not rise for months but at the same time it can skyrocket. The bogo deal of bitcoin is that it can go doen but can rise without limits.
This is an objectively stupid scenario. Take two roughly equal probabilities - in short time Bitcoin goes up 50% or down 50%. If it goes up, the restaurant will be in a good spot, providing they sell and invest those money in expanding. But if it goes down, their business would be ruined, there would likely be no one to bail them out, especially in these hard times. So, why gamble with your business at stake? The expected value here is negative. If he's so scared of hyperinflation, why not buy gold? It's more predictable than Bitcoin.
Any updates of this though? Any addresses they already showed where maybe people could use to order online or maybe check if this is true in terms of them saying "all of..". Either a way to get the attention of the community or to risk it all in bitcoin. I don't think they are that stupid to put all of it in there.
What Omar Hamam did as the owner of the Tahinis restaurant decided to convert all the business savings to Bitcoin was a decision
reckless and risky. Because Bitcoin is not a safe haven and its volatile price can deplete its assets. I understand that Omar Hamam
has lost faith in the current financial system, which money printing will be making fiat values worthless. But he shouldn't use entire
savings to buy Bitcoin, because it's not a wise decision store wealth in one asset only.
reckless and risky. Because Bitcoin is not a safe haven and its volatile price can deplete its assets. I understand that Omar Hamam
has lost faith in the current financial system, which money printing will be making fiat values worthless. But he shouldn't use entire
savings to buy Bitcoin, because it's not a wise decision store wealth in one asset only.
I’ve visited the @Tahinis’ Twitter account various times per day since he created all the Buzz, and searched around here and there to see if there was any mention of the quantity that was converted into Bitcoin. Alas, there is no mention of it, and certainly no wallet address made public, so we do not know if we’re talking about something substantial here or not. The publicity has been notorious though for the restaurant chain …
Right, we really don't know 'how much' of his assets are put into BTC. I will be skeptic here, maybe not all of the restaurants assets are into bitcoin though. On the other hand, it created a lot of publicity to his restaurant now, crypto related social media is talking about him so a win-win situation for him. And maybe if someone would ask him, but I doubt that he will provide the real data though. Bitcoin is supposedly (psuedo) anonymous, and private.
I’ve visited the @Tahinis’ Twitter account various times per day since he created all the Buzz, and searched around here and there to see if there was any mention of the quantity that was converted into Bitcoin. Alas, there is no mention of it, and certainly no wallet address made public, so we do not know if we’re talking about something substantial here or not. The publicity has been notorious though for the restaurant chain …
According to the tweet https://twitter.com/TheRealTahinis/status/1295770434349281281. Tahinis, A Canada-based Middle Eastern restaurant has converted all their entire savings to bitcoin.
The decision to turn the cash holdings to cryptocurrencies emerged in the March crash and as the Canadian government started to offer aid services to companies struggling to stay open owing to the pandemic.
With the U.S. and Canada printing money to support their crippled economies, Tahini's owner Omar Hamam began to see the financial system as "a play of tic tac toe being played right now, and music will halt and some people would be left out."
Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."
He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
The decision to turn the cash holdings to cryptocurrencies emerged in the March crash and as the Canadian government started to offer aid services to companies struggling to stay open owing to the pandemic.
With the U.S. and Canada printing money to support their crippled economies, Tahini's owner Omar Hamam began to see the financial system as "a play of tic tac toe being played right now, and music will halt and some people would be left out."
Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."
He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
Its really a good one by the entrepreneur but its still a risk from the current stand point. At the moment it seems a very good decision considering the challenges that world economy is facing at the moment due to the pandemic that is ravaging the land but its not going to last forever which is why he needs to be monitoring the market as much as possible because keeping all your life savings in a volatile market is a long risk to take considering the uncertainty that is embedded in the market.
While it's a very very risky move if they're willing to convert it due to the pandemic, I get what they feel. Restaurants have been pretty brutally affected by the pandemic and as an owner of one, having to close indoor activities (here in Romania at least) and lessening the amount of tables and chairs for outdoor restaurants have drastically lowered down their earnings. BUT, is it the best idea to take it all and push it into BTC? It's quite risky considering BTC isn"t considered a safe haven asset necessarily, isn't it?
I think that is not a very reasonable decision. To push money to bitcoin is good at the surface level if you are looking at the profit to come but what if the bear take over at the time?
Diversification is good but not to channel every thing into bitcoin.
This could be the frustration from the effect of covid-19 of no sale.
I think he's fucking batty myself. If it's a one man band or your own savings then fine. If you're betting the viability of a modest business with a bunch of obligations and livelihoods attached then that's a rather different matter.
I guess it depends on what 'excess cash' means, but any trade is highly uncertain at the moment and if they have to tap it to survive it could well be 20-40% down when they really need it. I wouldn't have gone over a relatively modest percentage. That's not play money.
I guess it depends on what 'excess cash' means, but any trade is highly uncertain at the moment and if they have to tap it to survive it could well be 20-40% down when they really need it. I wouldn't have gone over a relatively modest percentage. That's not play money.
Hamam said he was worried that handouts and money printing would devalue the economy of the fiat. "It was clear to us that cash did not have the same appeal," he added. "In the end, with all the extra currency floating in the market, the capital will be worthless."
He decided to convert the business's savings to Bitcoin as it "gives a much viable choice to saving cash." He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."
That's a wise decision he really knows what's going to happen he has insight on what's going on, even Robert Kiyosaki recommend his followers to buy Bitcoin because of the weakening dollar and impending financial crisis looming, but I have doubt that fiat will be gone for good it will still exist or they will co exist.
It's a serious risk if he really did convert all of the savings to bitcoin especially if it's a large amount of money.
Sure, investing is a good thing, but I'd rather not invest ALL of my savings into one asset or property. I'd rather have multiple investment instead of one. Like they say, it's better to have more stream of income than just one.
Bitcoin's price varies over time. It might rise and shrink depending on the season and if ever it decrease in value, he'll have a hard time operating his business that might lead to closure.
Sure, investing is a good thing, but I'd rather not invest ALL of my savings into one asset or property. I'd rather have multiple investment instead of one. Like they say, it's better to have more stream of income than just one.
Bitcoin's price varies over time. It might rise and shrink depending on the season and if ever it decrease in value, he'll have a hard time operating his business that might lead to closure.
How I wish the owner could be right of his decision and holds his breath to take a higher risk than keeping in the restaurant business. I'm afraid if he could be of big regrets once done and made losses after investing Bitcoin because of mishandling. Because for me, I will never gamble my business if I saw it was profiting already. I'm not sure if he thinking it wisely, having no sleep, and to come up with that decision.
But anyway, nobody sees the betterness of a thing if we never sacrifice something. Maybe he could see that investing Bitcoin will give him more than keeping his restaurant business, especially during this time.
But anyway, nobody sees the betterness of a thing if we never sacrifice something. Maybe he could see that investing Bitcoin will give him more than keeping his restaurant business, especially during this time.
Smart move. The conversion of their fiat currency into bitcoin is the most bussiness driven decision they have made. They only insured the future of their business as there is no certainty on t he resultant effect of the money printing of the government. At leas they know the exact number of bitcoin they have in ther wallet irrespective of the volatility.
This move can also backfire on the owners as they have brought bitcoin in a period of pump and if the price dumps, which it definitely will, then a lot of their savings will be washed off. I guess, they should have waited for the pump to finish and the market to go down again for getting a good deal, taking bitcoins at an inflated price is not at all a good move to be honest, they should have planned their entry point very well. Although it is a great initiative and a big leap of faith taken by the restaurant owners to convert their entire savings into bitcoins, I just hope they don't regret it in the short term when the price falls again below $10k, but in the long run they will definitely enjoy watching their investment grow.
Indeed. Maybe this is what they have seen as their last chance to get by and maximize their savings, through gaining profits in the crypto world. Hospitality industry is among the most affected industries during this pandemic, many had huge losses and there are also businesses which declared bankruptcy. This a good contingency plan but it should have been thoroughly planned as they may lose everything if mistakes are not anticipated.
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