In another testament to the growing popularity of Bitcoin (BTC), a Canadian restaurant recently swapped its entire cash reserves for BTC.As stimulus payments offset COVID-19 economic shutdowns, an influx of cash is making its way into circulation. Not only are smart money investors keen but even businesses appear ready to embrace Bitcoin. These new BTC adopters say the leading crypto offers a suitable hedge against the currency debasement that is likely to follow.
Bitcoin Stores Wealth Across Space and TimeTahinis, a Canada-based Mediterranean restaurant chain, is the latest business to adopt Bitcoin. Tweeting on Tuesday, the company announced the conversion of its entire cash reserves held as savings in BTC.
According to the announcement, the company revealed that the decision to move to Bitcoin boiled down to its perception of BTC as a safe-haven asset. Given the massive economic stimulus, Tahinis believes that a significant currency devaluation will soon occur. Thus, the company plans to continue converting all of its excess cash into bitcoin. As part of the twitter thread, the restaurant chain endorsed BTC as a better alternative to cash savings. An excerpt from the thread reads:
As a small company that started in London Ontario Canada we operate 4 corporate locations and 3 Franshise locations about to open up in Ontario. We just converted our entire cash reserves that were originally used as savings into #Bitcoin— Tahinis Restaurants (@TheRealTahinis) August 18, 2020
Time for thread 👇🏽👇🏽👇🏽
For me, I view #bitcoin as a true free savings technology that stores wealth across time and space. And it came apparent to me that there is a game of musical chairs being played right now and the music will stop & some people will get left out.The statement above echoes similar sentiments alluded to by other Bitcoin proponents. The growing consensus is that fiat hegemony is in its last legs and assets like Bitcoin will provide a hedge against the next global financial crisis.
Crypto Evangelism in the Mainstream Arena Bearing FruitTahini’s announcement also provided evidence of Bitcoin’s growing visibility outside the crypto space. In explaining the journey to BTC adoption, the company referenced the relentless efforts of numerous Bitcoin investors, pundits, and commentators.
As previously reported by BeInCrypto, MicroStrategy, a Nasdaq-listed business intelligence firm purchased $250 million in bitcoin. As part of its announcement, the $1.2 billion company stated that it was holding the BTC as a treasury reserve asset instead of cash. Earlier in August, the commodity charting platform TradingView revealed that bitcoin was the second most popular asset on its service behind Tesla. The bitcoin price is currently up about 45% since the May halving. Bitcoin historically achieves a new all-time high in the year following a block reward reduction event. Despite the Black Thursday crash to $3,800, BTC is still one of the best-performing assets of the year, having grown 70% year-to-date (YTD).
Another company converts their balance sheet capital to Bitcoin.— Pomp 🌪 (@APompliano) August 19, 2020
Gradually, then suddenly 🔥 https://t.co/jVGbqrnDGX
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