Wednesday, January 19

Bitcoin makes restaurant profit increase fivefold

Like giants Tesla and Microstrategy, a small restaurant chain is also keeping bitcoin in its cash register, as reported by Insider. All the profit generated is being turned into bitcoin, resulting in a huge earnings.

The Tahinis restaurant chain in Canada decided to invest its profits in bitcoin. This decision helped the company increase its profits nearly fivefold, by 460%.

One of his reasons for using bitcoin as a store of value was the 65% devaluation of the Egyptian pound (EGP) against the dollar (USD) between 2012 and 2017, which ended up destroying his parents’ savings. As a result, the brothers even installed Bitcoin ATMs in their restaurants.

“We don’t accept #Bitcoin as payment because we don’t want people to spend their coins. But now you can accumulate satohis in Tahinis.”

It makes no sense to keep fiat coins

Tahinis currently has a chain of seven restaurants located in Canada, although their cuisine is focused on Middle Eastern dishes they are also focusing on another recipe, this time financial.

All restaurants’ profits are being converted to bitcoin, this strategy has caused their cash to increase 460% as Bitcoin rose against the Canadian dollar (CAD).

“The main problem we have now is that the dollar is devaluing”

The sentence above is from Aly Hamam, co-founder of Tahinis, who also said that although the Central Bank says inflation is at around 5%, it depends on what you buy. As examples, he cited beef whose price rose by 25%, as well as chicken (45%) and oils which are 110% more expensive.

As explained by Hamam, it’s not actually the products that are getting more expensive, it’s the fiat currencies that are losing their value. And this is happening all over the world.

Bitcoin is helping business grow

The success of this financial strategy is also attracting more investors. Omar Hamam, co-founder of Tahinis alongside his brother, also comments that the search for restaurant franchises is growing.

“We had more people signing up to open franchises after COVID than before COVID”

This is proof that any company, regardless of its size, can benefit from Bitcoin. While Tahinis hasn’t made billions like Tesla or Microstrategy, BTC is making all the difference in its business, especially during lockdown and inflation periods.