What Inspired the Bitcoin Revolution at Tahini’s?
In the heart of Canada, one restaurant chain decided to take the plunge into the world of cryptocurrency. Tahini’s, famous for its mouthwatering Middle Eastern dishes, has boldly declared its allegiance to Bitcoin since August 2020. But why? Co-founder Ali Hamam had a lightbulb moment during the lockdowns of March 2020, where sales were plummeting but the money flow in the economy seemed to be flourishing. Curious about Bitcoin after deep dives into various literature, Hamam discovered that this digital currency wasn’t just a fad but could actually preserve value in turbulent times.
The Concept of a Bitcoin Standard
Flipping the script on traditional financial practices, Hamam proposed operating Tahini’s under a ‘Bitcoin standard,’ a concept popularized by author Saifedean Ammous. The strategy? Keep enough liquid cash to cover six months of operating expenses, but sweep all excess profits into Bitcoin. Smart move? You bet! With Bitcoin often resisting the downswings of fiat currencies, Tahini’s is aiming to keep its wealth intact while still serving up deliciousness.
Managing the Bitcoin Treasury
But let’s face it. Managing a Bitcoin treasury isn’t just a set-it-and-forget-it situation. Hamam’s philosophy is to periodically buy Bitcoin depending on market conditions. “We buy little bit more aggressively when the price is down,” he explained. The key part of this plan? They strive never to sell their Bitcoin, aiming for long-term gains.
Embracing Bitcoin Payments
Soon enough, Hamam’s ambitions reach for the skies—right into the cloud that is Bitcoin payments. He wants to accept Bitcoin at Tahini’s but faces a conundrum: Hold the Bitcoin received—because why sell it immediately? They’re working to integrate solutions like the Lightning Network to facilitate fast, low-cost transactions without sacrificing their Bitcoin stash.
A Lightbulb Moment with Politician Pierre Poilievre
In a humorous twist, Ali managed to “orange pill” Canadian politician Pierre Poilievre during a visit. The result? The first Bitcoin transaction ever performed at Tahini’s. Hamam couldn’t help but boast about the experience, noting it was a symbolic moment for both Tahini’s and the cryptocurrency community.
The Bitcoin Community and Future Plans
While the Bitcoin community has not dramatically impacted sales yet—after all, there are only so many hardcore crypto enthusiasts—they’ve provided a wealth of support for the restaurant’s bold strategy. They even teased that new menu items might feature a Bitcoin-inspired flair. The serious side? The ultimate aim is to expand to over 25 franchises by the end of 2022. So, if you’re ever near one, why not grab a shawarma, and while you’re at it, ask if that side of hummus can be purchased in Bitcoin?
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