A Restaurant convert entire savings to Bitcoin

[bakasabo]

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.

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[jrrsparkles]

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.

[jpnl0006]

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."

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.

[kryptqnick]

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!

[lumeire]

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.

[The Cryptovator]

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.

[mardaed]

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.

[Yamifoud]

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.

[AicecreaME]

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.

[smyslov]

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.

[gentlemand]

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.

[Gozie51]

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.

[audaciousbeing]

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."

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.

[DdmrDdmr]

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 …

[btc_angela]

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.

[Shasha80]

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.

[FlightyPouch]

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.

[hatshepsut93]

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.

[shield132]

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.

[Ayiranorea]

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.