Canadian restaurant chain Tahini reports 300% ROI on BTC in response to spread

More than a year after the Canada-based Middle Eastern restaurant chain changed its cash rules for bitcoin, owners say the move has helped save the business in the age of COVID-19 everywhere .

According to a Canadian media report on Tuesday reported by the Toronto Star, in August 2020, restaurateurs Aly Hamam and Omar Hamam in Tahini, along with cousin Ahmed, decided to switch companies from the money stored in Bitcoin. A good option,” he said. Bitcoin cost around $12,000 at the time. Aly Hamam announced that the company was benefiting from its initial investment in cryptocurrency.

"We received the Bitcoin model for our company's balance sheet in August 2020, and our initial capital has grown by more than 300% since then," Hamam said.

Bitcoin's value hit an all-time high of $67,000 in November and has fallen to $41,729 at the time of this writing. Although the company saw its sales drop 80% in the week when Covid-19 spread everywhere, Hamam said its crypto capital grew from three to nine restaurants at a time when many industry players are experiencing financial difficulties. Increase this number to 25 by the end of the year.

Hamam said, “We only keep six months of working capital and invest in bitcoin. So when we expand, we don't have to sell bitcoin to pay for expansion.” We try to do well, but don't sell bitcoin, and we just have to keep our grip."

Currently, Tahini stores in Ontario do not accept Bitcoin or other cryptocurrencies, but all stores have Bitcoin ATMs where customers can purchase tokens before, during, or after a meal. At the time of the initial investment (the amount is uncertain), Hamam hinted that if there was no "claim", the company would continue to use Bitcoin as an asset.

“We will continue to strive to get the best food possible, and we are also helping people financially through Bitcoin.”

Restaurants like Tahini don't seem to be subject to Ontario regulators, but that's not always the case with local crypto companies. The Ontario Securities Commission (OSC) has taken down cryptocurrency exchanges operating in the region, including Binance, OKEx, Bybit, KuCoin and Polo Digital Products. On January 14, Bitfinex announced that it would close the accounts of Ontario users who do not have equal access to the platform and many users "will not be able to use the services" starting March 1.