Insider: Tahinis Restaurant Chain Increases Profit 460 Percent With Bitcoin This decision helped the company increase its profits almost fivefold – by 460 percent, according to Insider.
Tahinis founders Ali and Omar Hamam said they first invested in bitcoin in August 2020, when the most popular cryptocurrency was trading at $ 11-12 thousand. Now the cost of one coin is 57.2 thousand dollars, according to the CoinDesk exchange. The company decided to invest in bitcoin amid rising inflation.
“The main problem we are facing now is the depreciation of the dollar. Central banks say inflation is only five percent. But that depends on what you want to buy. Prices for poultry increased by 45 percent, for beef – by 25 percent, for imported goods and spices – by 65 percent, and for oils – by 110 percent. So it made sense to invest our money in bitcoin. This will surpass any inflation rate we see in the next decade, ”Ali said.
The restaurant chain did not specify how much bitcoin it owns, but said its sales exceeded $ 8 million in the last year. The chain currently consists of eight restaurants and plans to open another 20 new outlets in 2022.
The restaurant chain began to recover from the pandemic in May 2020 after sales fell 80 percent during the crisis. The company was helped not only by bitcoins, but also by a fast-food restaurant model, which is more profitable in a pandemic.
On November 10, Bitcoin broke a record – its price exceeded 69 thousand rubles. Then the value of the cryptocurrency began to fall. Nevertheless, some investors see a necessary correction in such dynamics and hope for further growth. Before the fall, experts predicted that Bitcoin would reach $ 100 thousand.