Aly Hamam is the co- founder of Tahinis and he shows a machine at one of his restaurants.
There is a group of people called the taharas.
Small-business owners can get advice on how to invest in bitcoin from a restaurant chain that serves Middle Eastern cuisine.
The world's first restaurant chain to invest 100% of its cash reserves into thecryptocurrencies is called Tahinis. The expansion of the business has been aided by the exposure of the digital currency, as it has helped in the face of rising inflation and the COVID-19 pandemic. In August 2020, the company in London, Ontario, Canada invested in the virtual currency.
"We're up to date, 460% on our initial investment and we didn't stop there," Aly, the chief marketing officer, told Insider. Excess profit will be put into bitcoins. We bought the top in April 2021, rode it all the way down and kept buying it. He said that it had worked like a charm for them.
In August 2020 it traded under $12,000. It was over $60,000 as of Friday after hitting a record high last week.
The "bitcoin-standard strategy" that Tahinis follows is similar to MicroStrategy's, in that it uses Canadian dollars to operate and then invests all of its profits into the virtual currency.
Excess cash is used to purchase a store of value. As of Thursday, MicroStrategy held 114,042 bitcoins, valued at about $6 billion. After Warren Buffet called it "rat poison squared" in 2018, Aly ignored it.
The profit from the cash kept in the treasury is sent into the virtual currency. Privately owned Tahinis can't say how much it holds on its balance sheet, but it can say that sales at its restaurants have gone over $8 million in the past year.
The company is on track to have 29 restaurants by the year 2022. Dozens of small businesses worldwide have been helped by Tahinis to use a bitcoin-standard strategy.
Aly said that the main problem is that dollars are devaluating. The central banks will say inflation is less than 5%. It depends on what you want to buy. He said that since March 2020, when the swine flu was spreading, poultry is up 45%, beef is up 25%, imported goods and spices are up 65%, and oils are up 110%. "So it made sense to put our money into [bitcoin] and that will outstrip any inflation rates we see for the coming decade."
The devaluation of the Egyptian pound against the US dollar hurt the wealth and savings of the Hamams' parents. The brothers were in the square during the uprising that ousted Mubarak.
Aly said that they faced the riot police and got hit with tear gas. "We came to Canada the following year with a renewed hope to start our new lives here", which led to Tahinis. The Hamams were granted dual citizenship through their father who was a professor in Saudi Arabia.
Every restaurant has a machine that will allow employees and customers to buy the currency. Accounting and tax reporting is much easier to use in a foreign currency than it is in a foreign currency and it wants to promote holding the virtual currency.
After sales plummeted by 80% in May 2020, they started recovering. Having a quick-service restaurant model rather than an in-person dining model requiring more square footage has helped.
"We had more people sign up for franchises after COVID than before," said the CEO.
"We have a full marketing team that works every day to push out content to make people laugh, and we have our own supply-chain company that helps a lot," he said. We tackled the business from every angle.
Business Insider has an original article.
