A Restaurant convert entire savings to Bitcoin

[Twinkledoe]

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.

A very high risk decision but if he got lucky, he will reap his rewards big time. It is like betting in a lottery, but this one you have high chance to get back your initial funds plus more. I guess there are a lot more companies or individuals that are doing the same because we are in this uncertain times.

[verita1]

Thanks for sharing this tweet. I read it, I was inspired by the story so I was encouraged to follow the account to know the updates of the Restaurant. I think it is a challenge for this businessman worth following. I would also be able to assume something similar. From the moment we decide to accept the payment of our salary in bitcoin. We are already taking a big step for massive adoption.

[taufik123]

A great choice, converting all FIAT savings into Bitcoin. this includes the mass adoption of the restaurant. The restaurant owner is aware of the use of cryptocurrency and the risks involved. We know the value of bitcoin is very volatile, but if it is managed properly and becomes an investment it will be able to benefit more than FIAT currency. but keep in mind that storing in Bitcoin must have a wallet that is really safe.

I think the option to change restaurant savings to bitcoin will only be made when the FIAT currency economy decreases and when the FIAT currency returns to normal will be converted again, this is only a strategy to reduce the economic downturn effect of the restaurant.

[Wexnident]

So that was around March? Around the Pandemic crash? Then didn't he already get pretty lucky? Since right now his funds are up by 300% or close to that. Or the decision just started in March, but they still didn't buy then until now? If so, then they've lost out on some potential profit. Still, I gotta say, from a business stand point, the decision seems REALLY risky. If it were a part of their total savings, then sure, but all of them? Not that I'm doubting but Bitcoin is a highly volatile asset. Said decision is really risky since they could potentially lose a lot of their funds if something goes really wrong. But if they were to only invest the savings by that point, and not invest anymore, then it could be helpful. Difficult in the early days, but should be manageable, the problems would decrease though the risk would still stay.

" He said they would proceed to use Bitcoin as a reserve asset — "perhaps permanently if we don't need fiat."

I don't think that's going to happen. Permanently removing fiat means leaving the financial economy on a basically non-transparent situation, where no control could be held over. A lot of issues could prop up, especially from those who don't really know how to manage their finance properly.

[Expecto]

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 think it is a good move for the restaurant. I believe that when fiat money of a country starts to struggle, people should give a chance for cryptocurrencies. Because they can be one of best options with gold in such time. After that, maybe they can decide to use more often after fiat money goes back to normal.

[Assface16678]

It's that not too risky for them?

They are sacrificing their funds and convert into a volatile market with the use of the bitcoin?. I don't think so this is a good idea because there is a bigger chance that you will lose a lot of money because of the market volatile movement.

Adopting the use of the bitcoin is quite enough for me just my opinion still it's better to make an investment just a little bit amount.