MARKETBITCOIN

Bitcoin evangelism case study: Middle Eastern restaurant owner goes from self-taught, baptized in crypto community, to converting all savings to Bitcoin

share
Bitcoin evangelism case study: Middle Eastern restaurant owner goes from self-taught, baptized in crypto community, to converting all savings to Bitcoin

A Middle Eastern cuisine chain restaurant based in Canada has announced that, due to the impact of the new coronavirus epidemic on restaurant operations and the subsequent helicopter money relief plan by the Canadian government, after being "preached" by the crypto community, all excess cash savings have been converted to Bitcoin.

Relief Plan Accounts for Nearly 14% of Canada's GDP

This Middle Eastern cuisine chain of restaurants is called Tahinis Restaurants, located in London, Ontario, Canada. The restaurant owner, Omar Hamam, shared a series of tweets on Twitter, expressing how tough the past few months have been due to the low revenue caused by the COVID-19 pandemic. This situation has forced him and his partners to take on extra jobs to support the operating costs of the restaurant.

What's even more challenging is that the restaurant is in an expansion phase this year. Despite their determination and working overtime, the restaurant has managed to maintain positive cash flow. However, they are facing two issues.

The first one is the Canadian government's relief plan, making it difficult for Hamam to rehire previous employees as everyone can stay at home receiving relief funds without working.

The second issue revolves around the value of fiat currency. Hamam mentioned that their cash savings have grown significantly due to the relief funds and the business picking up, but with too much cash injected into the market, the fate of fiat currency is ultimately devaluation.

"Preaching" from the Crypto Community

Hamam admitted to encountering Bitcoin several times in the past but ignored it as his long-time investment idol Warren Buffett referred to Bitcoin as "rat poison." However, as time passed, he inadvertently came across Bitcoin educational podcasts and then stumbled upon a Bitcoin plain-language article written by Robert Breedlove, the founder of the crypto investment firm Parallax Digital, which led him down the rabbit hole.

Note: The term "rabbit hole" comes from "Alice's Adventures in Wonderland," where Alice falls into a rabbit hole and enters a fantastical and unknown realm, symbolizing a journey into the unknown.

His encounters with "Bitcoin preachers" include:

  • Dan Tapiero, Founder of DTAP Capital
  • Peter McCormack, Renowned Podcast Host
  • PlanB, Renowned Bitcoin Analyst
  • Anthony Pompliano, Co-Founder of Morgan Creek

Hamam also mentioned another co-founder of Morgan Creek, Jason A. Williams, claiming that whenever he sees Williams tweet about buying Bitcoin, he can't help but follow suit and buy Bitcoin.

Source: @GoingParabolic

Pompliano and McCormack also retweeted Hamam's tweets, expressing not only their joy for him but also considering converting their idle capital into Bitcoin.

Hamam noted a company with a similar mindset, which recently announced buying $250 million worth of Bitcoin to hedge against inflation, the Nasdaq-listed company MicroStrategy. He stated that he will continue converting surplus fiat currency into Bitcoin, likely indefinitely.

Hamam's actions have inspired the crypto community, but Bitcoin still carries risks of high volatility and speculation. While Warriors shareholder Palihapitiya is bullish on Bitcoin, he has a different approach, emphasizing a prudent strategy: "Everyone should have 1% of their net worth in assets that are completely unrelated to how the world works, rather than rushing to buy Bitcoin when the Dow drops 2,000 points."