23 nov 2021 11:14 GMT
The owners pointed out that the cryptocurrency played a fundamental role in the expansion of the company in the face of the pandemic and inflation, which caused an increase in the cost of the ingredients.
A Canadian restaurant chain made a fortune by investing all its profits in bitcoin, reports Business Insider.
London, Ontario-based network of fast food outlets Tahini’s serving Middle Eastern dishes invested 100% of its cash reserves in the popular cryptocurrency. The company made its first investment in August 2020, when bitcoin cost just under $ 12,000 per unit. Currently, the value of the digital currency is about $ 56,000, almost five times more than then.
“To date we have earned 460% of our initial investment and we have not stopped there,” Aly Hamam, one of the chain’s owners, told the media, adding that they will continue “to transfer excess profits in bitcoins.”
The company did not disclose how many bitcoins it maintains on its balance sheet, but did say that sales at its restaurants exceeded $ 8 million in the past year.
The founders of Tahini’s, the brothers Aly and Omar Hamam, stressed that the cryptocurrency played a fundamental role in the expansion of the company in the face of the coronavirus pandemic and inflation, which caused an increase in the price of ingredients.
“The main problem we are facing now is that dollars are depreciating,” Aly explained, emphasizing the value of investments in bitcoin to combat the consequences of inflation.