A Restaurant convert entire savings to Bitcoin - page 3.

Lucius

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https://twitter.com/TheRealTahinis/status/1295770442582695936

I'm glad that at least one man became aware and broke away from the influence of the old fart WB - and all those who still admire him, maybe one day you will realize how much damage he did to Bitcoin with his statements.

This is one nice story about how people who lose confidence in the financial system have an alternative to protect their future, but I don’t think it’s too smart to announce publicly that you’ve made a move like this. I hope this person understands what Bitcoin is in terms of security, and that he has to deal with the risks of losing it no matter how he keeps it.

If he keeps it through custodial service then he is not actually the owner, and if he is his own bank then he has drawn a target on his forehead and invited all thieves to visit him in his home. Personally, I don't see the need to publish something like this to the public, but obviously we don't all have the same criteria when it comes to certain things.

cryptomaniac_xxx

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Let me just quote that restaurant themselves and what are the reasons of the owner to convert it to BTC.

Quote

1) Going through the crisis of March business was tough on us & people were scared to go out to eat. My cousin, my brother & I let a significant amount of our partners (employees) go and were working day and night to keep the restaurants afloat.

2) It was very tough especially that we are going through an expansion phase. With strong will, long hours and determination we were able to keep all of our restaurants cash flow positive. But we were faced with one big problem.

3) The government assistance programs in Canada made it very hard for us to bring back our partners (employees) as they were making more money staying at home and not working. All of a sudden we went from an economic crisis to everyone having a lot of money Including us.

4) Our Cash reserves swelled and business was booming again. But it was apparent to us that cash didn’t have the same appeal. That eventually with all the excess cash circulating the economy that cash would be worth less.

5) Personally I have been an investor with my personal account over the years. I’ve come across #bitcoin
several times but never really paid attention to it thanks to my investor idol @WarrenBuffett
calling it rat poison...

6) As time went on I was constantly trying to learn and grow my knowledge about finance. I kept bumping into #Bitcoin

7) I heard people in the #Bitcoin community saying you have to hear about #Bitcoin at least 7 times before you get into it. 100% accurate. It wasn’t until I read @Breedlove22 article The Number Zero and Bitcoin where it all clicked for me.

Cool

After that it was the #bitcoin Rabbit hole for me. I spent the next couple of months personally accumulating it in my personal account. I read the bitcoin standard by @saifedean bought more, read The Price of Tomorrow by @JeffBooth bought more.

9) Read @100trillionUSD
articles bought more, listened to @TraceMayer bought more listened to @RaoulGMI bought more, listened to @DTAPCAP bought more listened to @stephanlivera @APompliano @PeterMcCormack
@TheCryptoconomy @princey1976 bought more.

10) Every time I see @goingparabolic posting his buys on twitter I would buy more.

11) For me I view #bitcoin as a true free savings technology that stores wealth across time and space. And it came apparent to me that there is a game of musical chairs being played right now and the music will stop & some people will get left out.

12) And that’s when we as a company decided to store all of our excess cash reserves into #bitcoin
as it offers a much better alternative to saving cash. We will continue to do that over the coming years and maybe forever if we don't have a need for the fiat.

3) We will not wait for S&P 500 to start doing so. It already started with @MicroStrategy
and now @TheRealTahinis
If you want to follow how we are doing in the future and like to see amazing Food content, give us a follow.

So it seems like a combination of factors, specially those crypto influencers he mentioned + the current pandemic situation that really push him. Goodluck to him and hope he make the right decision.

fiulpro

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Merit: 831

Quote from: thesmallgod on August 20, 2020, 03:10:26 AM

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 do believe that the person was thorough with the news of gold being a bad investment in 2020 , most of these Investors are now looking for other options , stock market is down and therefore it is a good time to buy but then again there are many problems in that Sector too and discussing it is another topic.

Right now what we need to know is :

Due to strong integration of bitcoins with economy and the Government, the people are giving positive response towards the cryptocurrencies.

Bitcoins is not only serving as a option in terms of investment but it's also helping many people to expand their businesses.

Quote

Cryptocurrency is taxed in Canada as either capital gains or as income tax, depending on whether your activity with cryptocurrency is considered to be as a business or not. 100% of business income is taxable, whereas only 50% of capital gains are taxable

The owners will not only be able to save 50% taxes , but at the same time the future of Bitcoins is promising.

_*_

But no matter what I don't think this idea is really wise , since they would have to wait for a while to encash if needed in a hurry because the price changes every second.

Then again *you don't loose anything until and unless you decide to encash*

They have to apply the HODL strategy if they want to actually get through with this decision.

20kevin20

legendary

Activity: 1134

Merit: 1598

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?

Upgrade00

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The amount of fiat which would be converted to Bitcoin may not be that huge compared to some of the recent buys into bitcoin, like microstrategy, but it's a positive news. The more small and medium enterprises begin to adopt Bitcoin the closer it would be brought to the locals in various regions as these businesses interact more with the people.

The restaurant operates about 7 cooperate and franchise locations as per the tweet and if they were to accept Bitcoin as a means of making payments while it being their reserve savings asset, there would be no need for payment processors. This would improve Bitcoin adoption significantly.

thesmallgod

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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."

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