Tahinis invests net profit in first cryptocurrency since August 2020 due to rising inflation
Tahinis, a Middle Eastern restaurant chain in Canada, increased its profits by 460% thanks to its Bitcoin purchase, Business Insider reports. According to the publication, the restaurant chain has been investing its net profit in the first cryptocurrency since August 2020.
Tahinis co-founder Ali Hamam noted that the network continued to invest in bitcoin every month when its value exceeded $ 64,000 in April of this year. The restaurant chain did not disclose how much of the cryptocurrency it owns, but reported that over the past year its sales exceeded $ 8 million. Tahinis currently owns eight restaurants, and next year the company plans to open 20 new food outlets.
Hamam also explained that the main reason the company started investing in bitcoin is the rise in inflation.
“Central banks say inflation is only 5%. But that depends on what you want to buy. Poultry grew by 45%, beef – by 25%, imported goods and spices – by 65%, oils – by 110%. So it made sense to invest our money in bitcoin. This will surpass any inflation rate we see in the next decade, ”added the co-founder of the restaurant chain.
On November 10, Bitcoin set a new all-time high above $ 69 thousand.On November 22, the cryptocurrency is trading at $ 57.3 thousand, and its capitalization is $ 1.08 trillion, according to CoinGecko. Since the beginning of the year, bitcoin has risen in price by 98%. The growth of the asset since August 2020 amounted to 407%.