Topic: A Restaurant convert entire savings to Bitcoin - page 2. (Read 367 times)
Definitely, the owner took a risky move. But we know that, "no risk no gain, high-risk high gain". I believe he has enough patience to hold bitcoin and that's why he took this risky decision. We know bitcoin is a high volatile cryptocurrency, and it would be an advantage for the owner in the future if he could wait for the time. I will not judge he took right or wrong decision, but I can say he took a real-time decision by comparing it with the current economy.
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.
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."
I'm all for restaurants accepting Bitcoin as payment, but turning all savings into BTC seems too risky to me. This might end well, but it's quite likely to lead to them losing, say, 20% due to volatility. This is especially so given the current high price that might not remain so high for long. And if that happens, they'll be reluctant to use Bitcoin, obviously, which is not good for adoption in the long-term. I hope they'll avoid losses, and I admire such a brave pro-crypto decision, but I still feel worried about all this. Good luck to them, hard times call for risky measures! 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."
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."
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.
Its kind of risky decision to convert entire fiat savings into bitcoin, it is wise to diversify into multiple assets and gold should be included in it when we say we are doing this as storage purpose not as investment.Hope he did right thing at the right time and if they wants they can accept cryptos in their restaurant as well to increase the adoption. 
If the restaurant owner does this conversion, then he might take cryptocurrency as a payment for his services? Right? That would be obvious.
But according to https://www.tahinis.com/, you can only pay by credit card while ordering online (strange that the prices are in US dollars, while they are in Canada).
Why Restaurant owner use business account to post his personal ideas about crypto and savings conversion? Why only post this on twitter, and not on their official facebook or instagram? I'm sure that he havent even converted anything, but used cryptocurrency to attract attention.
But according to https://www.tahinis.com/, you can only pay by credit card while ordering online (strange that the prices are in US dollars, while they are in Canada).
Why Restaurant owner use business account to post his personal ideas about crypto and savings conversion? Why only post this on twitter, and not on their official facebook or instagram? I'm sure that he havent even converted anything, but used cryptocurrency to attract attention.
This is definetly only gambling, no one would invest all their money only on a type of assets.
If this is a publicity gimmick then its a dangerous one! I cannot imagine what will happen to those restaurants if their business suffered a decrease in revenue for a significant period of time and at the same time, their BTC holdings shrunk because its price dove substantially (hopefully not 
) then, I guess they will have a hard time running up their business operations with a weak financial capability and even possibly could lead them to bankruptcy. Imho.
) then, I guess they will have a hard time running up their business operations with a weak financial capability and even possibly could lead them to bankruptcy. Imho. 
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."
Bad move. Bitcoin is a risky asset to park their funds in without any guaranteed gains. If the restaurant does need money, he probably wouldn't use Bitcoins and has to convert it to fiat. If at that point in time, he's not in profit, then he'll be permanently losing that amount of money. Monetary policies are made to sustain the economy in trying times like these and while it isn't desirable, it has to be done to sustain the economy. 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."
This isn’t an isolated incident, fiat currency is losing value & trust. Personally, my money is also 100% in bitcoin, I feel much happier this way than having useless fiat savings.
It's an interesting article / story and I certainly appreciate you sharing it with us. I think this guy is in over his head just a little bit. I don't think he really has a true grasp of how things work. We've all seen bitcoins volatility over the years, and there's absolutely nothing stopping it from going to the equivalent of $1000 US dollars. What if that did happen, where would his business be then?
New here, but wouldn't it be a safer play to spread the savings over Alternative coins? Despite Bitcoin being the most stable one, this seems to me like putting all of your life savings to buy shares of a single stock. 
That is true, but the owner is new to cryptocurrency and probably doesn't see Bitcoin as an investment or a stock but a a life savings that they will sell in probably 20-40 years or so.
Well, there are chances that he might come across with other cryptocurrency and invest in them too. From what I'd read so far, Bitcoin is the only thing he is interested right now since he's lost faith in cash.
It's quite already a sign that the company is ready to face the possible scenario that the pandemic could brought to us especially with businesses. I can say, it's a good move especially, an establishment that could not reach their daily quota because of the pandemic and despite the fact that deliveries are available. Perhaps, the owner spent too much time thinking about the risk but I hope he also thought of an idea to still continue the business with positivity especially, applying bitcoin to his business's payment system.
New here, but wouldn't it be a safer play to spread the savings over Alternative coins? Despite Bitcoin being the most stable one, this seems to me like putting all of your life savings to buy shares of a single stock.
Well, this kind of news is not that exciting as it was when I first heard a man sold his house to buy BTC and decide to live in a tent where he can spend the rest of his life until the bull run, I wonder what he is doing right now and that man have some family too.
https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10
Now we have this news, of course we hope everything will go as they planned. I think this is better than selling your home you know?
https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10
Now we have this news, of course we hope everything will go as they planned. I think this is better than selling your home you know?
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.
If the company converted the savings to Bitcoin?then they are in big profit as of now,not unless they have putted the money in altcoins that has outperform these last run?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."
Good for Him that he detected the situation in right manner and he had a Great decision in that part.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."
Well Hope that all companies see the way like what Hamam did for their own good and progress.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."
Wow so it is Bitcoin after all?and i congratulate Him for having bright mind to make such decisions. 
This man before this sell his company and his own house in exchange for Bitcoin.
His entire savings also converted into many other cryptocurrencies.
https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10#:~:text=Didi%20Taihuttu%20believes%20in%20bitcoin,near%20Venlo%20in%20The%20Netherlands.
His entire savings also converted into many other cryptocurrencies.
https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10#:~:text=Didi%20Taihuttu%20believes%20in%20bitcoin,near%20Venlo%20in%20The%20Netherlands.
It's quite risky considering BTC isn"t considered a safe haven asset necessarily, isn't it?
Even with the recession, pandemic and the money printing that will cause inflation, bitcoin can't as a result of that be considered as a safe haven asset, so just as you said it is a very perilous decision from this Canadian based restaurant owner. Bitcoin will definitely be an option against inflation and fiat devaluation, but isn't converting all the assets of his business to bitcoin against the rule of thumb of "investing with what you can afford to lose".Bigger firms that have adopted bitcoin this year have put only parts of their assets, this decision could have consequences, mind you that it's also possible that this person is only using btc for the first time and is not prepared to handle a situation of volatility and FUD, and what it will mean for his business (restaurant).
That's great news for the company and I'm sure many more businesses are doing exactly that but 99% of them keep silent about it - announcing you're going all in on bitcoin is a great publicity stunt but many people would be wary about telling the government and the IRS all about the btc they're hodling
It's quite risky considering BTC isn"t considered a safe haven asset necessarily, isn't it?
I'm quite positive about BTC retaining it's value however not about the security of things where we hold our cryptos. No wallets are perfect and God forbid if his private keys get leaked, that would be catastrophic.
(I'm sorry to be negative Nancy)
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