Bitcoin investment allowed Canadian restaurant chain to increase profits fivefold
A chain of Middle Eastern restaurants in Canada, Tahinis, has been investing its net profits in the first cryptocurrency for more than a decade.
Bitcoin investment allowed Canadian restaurant chain to quintuple its profits
Tahinis first began investing net profits in bitcoin in August 2020 in an attempt to protect against rising inflation. In that time, the restaurant chain has increased profits by 460%.
Tahinis co-founder Ali Hamam said that the company continued to invest in bitcoin every month, and even in April of this year, when its value exceeded $64,000. The main reason why the company began investing in bitcoin, Hamam called the rise in inflation.
Tahinis wouldn’t disclose how much cryptocurrency they now own, but said its sales have exceeded $8 million in the past year. The chain now owns eight restaurants in Canada, and the company plans to open 20 new food outlets next year.