Tahinis, the first restaurant chain in the world to invest all of its cash reserves into Bitcoin, revealed that they were able to expand in spite of the COVID-19 pandemic and rising inflation — mainly due to their exposure to Bitcoin. The company has made their first bitcoin investment in August 2020.
According to Chief Marketing Officer and Co-founder Aly Hamam, they have gained 460% on their initial investment and is expected to keep growing.
“We will continue sweeping excess profit into bitcoins. We even bought the top and then rode it all the way down, and we just kept buying month after month after month. So it has worked like a charm for us,” said Aly.
The restaurant chain keeps working capital in cash for few months, before a part of its treasury goes into Bitcoin. Tahinis stated that their sales have now exceeded $8 million over the past year. They decided against disclosing the amount of Bitcoin that they hold on their balance sheet.
Aly said that dollars are devaluing. As pandemic-fuelled inflation keeps driving up the prices of food ingredients, they believe that it makes sense to allocate their money into Bitcoin in order to hedge against any inflation rates in the future.
Tahinis has installed bitcoin ATMs in every restaurant, in an effort to encourage employees and customers to buy Bitcoin. Moreover, the pro-bitcoin company has helped other small businesses to adopt a “bitcoin-standard” strategy.