A great number of companies have been converting cash reserves into bitcoin during the last few months. At the end of August, the Mediterranean restaurant chain Tahini’s announced the Canadian company converted all of their cash reserves into bitcoin. On Friday, Tahini’s tweeted about the recent crypto reserve conversion, as the team recalled telling the firm’s financial advisor that the precious metal gold and it’s years of being a reliable safe haven are numbered.
This year, a great number of private and publicly listed companies have been gathering vast amounts of bitcoin (BTC) and storing the crypto asset as a form of reserve status. For instance, the web portal bitcointreasuries.org shows 23 companies that are holding bitcoin as a reserve.
The close to two dozen firms listed hold approximately 888,864 BTC worth over $15 billion or 4.23% of the supply. Back in August, after Microstrategy announced its initial purchase, the Canada-based Mediterranean restaurant establishment Tahini’s announced it converted all of its cash reserves into bitcoin (BTC).
“We just converted our entire cash reserves that were originally used as savings into bitcoin,” Tahini’s revealed at the time. On Friday, the restaurant chain’s official Twitter account told the public why it decided to choose bitcoin in contrast to choosing the precious metal gold as a safe haven.
“We looked our financial advisor in the eye and told him gold will turn into a scam because of bitcoin,” the company tweeted on Friday. “He laughed and condescendingly came back with the 6,000 years argument,” Tahini’s added.
The restaurant owners decided to further explain why the company thinks “gold’s years are numbered.” Tahini’s concedes that gold has been a store-of-value for a very long time and used in jewelry. Then the Twitter account noted that individuals in the gold sales industry like Peter Schiff “will lie to you and tell you that gold’s value comes from practical use cases like electronics,” Tahini’s said.
“Gold does get used for other things besides a store of value, but that demand is not what gives gold a $10 trillion dollar market cap,” the Canadian restaurant owners insisted.
Instead, Tahini’s believes that large countries and institutions hoarding gold in vaults is what has been giving gold long term value. For millennia this has worked Tahini’s said because “gold was always the scarcest asset with the highest Stock/Flow ratio.” However, Tahini’s stressed that “Bitcoin changed that.”
Tahini’s opinion is that bitcoin is “1,000x better than gold in all aspects” and gives 14 reasons why the firm thinks the crypto asset is better. For one, unlike gold, bitcoin is “100% monetary premium which means it is not used for electronics or any other use cases other than pure money.”
“Bitcoin dematerializes value and makes it digital which made it easier to move value across the world…