Canadian restaurant grabbed huge profit amid 80% downfall in sales: Bitcoin adoption
A decision of a Canada-based restaurant decided to go with Bitcoin as a reserved fund of the restaurant and that resulted in a huge profit.
Since its birth, Bitcoin changed the life of many people, who showed their belief in Bitcoin. At present, Bitcoin is becoming an alternative option to diversify the portfolio, despite huge volatility, as a part of their own belief with bitcoin.
A year ago, the owners of a Canada-based Middle Eastern restaurant decided to convert the restaurant’s savings into Bitcoin. At that time the price of Bitcoin was $12,000. Tahini’s restaurant owners Aly and Omar Hamam were trying to save the restaurant against the future crisis because of the COVID pandemic.
Hamam said:
“We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, we’re up more than 300 percent on our initial investment,”
Haman noted that it worked at its best and also resulted in what they expected.
“It’s done its job of protecting us against inflation and it worked as we intended it to.”
However, the price of all time high crossed $67,000 per Bitcoin. But at the time of writing this article, the price of one Bitcoin is $42,000. And in this situation, the Recent is a net profit of 300%+. At the same time, Restaurant owners noted that they faced a huge downfall because of the downfall in the food sale services because of the pandemic.
The Restaurant owners also noted that the majority of the restaurant faced a huge financial crisis but their own restaurant shifted the services from 3 to 9 more locations and also planning to increase this number by 25 this year.
Hamam also noted that restaurants may go more deeply with the Bitcoin use and also they can decide to go with a permanent decision to go with Bitcoin as a reserved fund.
“We’re going to continue to strive to make the best food that we can… and with Bitcoin, we’re also wanting to help people financially.”
Read also: Around 300 US banks will offer Bitcoin trading services: Report
Comments