An investigation showed that a balance in bitcoin is the best method to manage a business.
The company will offer its employees the option to receive payments in BTC.
Vegan restaurant chain Everbowl is basing the future of its business on bitcoin (BTC). The company hopes that by integrating the pioneering cryptocurrency into its balance sheet, its business will be progressively more prosperous, given that the value of the company’s dollar cash “is eroding at an unsustainable rate.”
From now on, the company will run your business operations in bitcoin and convert all your cash reserves to BTC. This due to inflation and the erosion of the purchasing power of fiat money, as reported the company in a statement.
The vegan food chain, founded in 2016 and based in the United States, has more than 50 establishments. 35 of them are in southern California and the rest in various other states in the country.
Jeff Fenster, founder and CEO of Everbowl, pointed out that adopting a “bitcoin standard” is the best tool the company found to manage its business, since doing it “exclusively with cash is not the most advantageous or the safest method”, for the present, nor for the future.
Everbowl says that did your research and talked to your advisors about the best options available for your treasury and your future plans. The result was that adopting a bitcoin standard was for the best.
As CEO, it is my responsibility to be constantly vigilant about the threats facing the company. In light of the excessive devaluation of the US dollar coupled with a 39-year high rate of inflation, we knew we had to rethink our treasury strategy. As we learned more about the bitcoin standard and explored the way forward, it became more apparent that our organization must embrace it. The value of cash within our company is eroding at an unsustainable rate.
Jeff Fenster, founder and CEO of Everbowl.
The company makes it clear in the statement that will offer its employees the option to pay their salaries in bitcoin. He also adds that, while it is not possible to convert 100% of their business operations to a bitcoin-based standard, their plan is to move in that direction as much as possible.
Everbowl decided to take the route indicated by other North American companies. The first of these was MicroStrategy, which in 2020 announced that it had made a total investment of $250 million in bitcoin. With that, he did history as the first publicly traded company to choose BTC as a cash reserve, as CriptoNoticias reported at the time.
Later, the Canadian company Snappa announced its decision to adopt bitcoin as a reserve asset. At the time, representatives of the design startup claimed that their decision was influenced by global economic uncertainty, the devaluation of the dollar, and the digital scarcity of the cryptocurrency pioneer.