Institutional acceptance isn’t exclusive to large corporations. In fact, small and medium-sized businesses could benefit tremendously from a Bitcoin strategy. After Senator Cynthia Lummis, due to speak at the Bitcoin 2021 conference this weekend, we stumbled upon the history of Tahinis restaurants. A chain of four restaurants in Ontario, Canada that is about to become a franchise. And they’re all at Bitcoin.
The tweet that got us into that particular rabbit hole was this:
Inspirational story. Incredible optimism about the future of small business from a Bitcoin friendly small business owner. Love to hear I will definitely be sharing these stories with the @FinancialCaucus https://t.co/qHDZQREVZv
– Cynthia Lummis (@CynthiaMLummis) June 3, 2021
The finance committee she mentions reads: “a bipartisan group dedicated to promoting responsible innovation in the United States financial system. “And he repeats the opinion of this article:”Bitcoin is hope for medium and small businesses.”
Related reading | Bitcoinist Book Club: “The Bitcoin Standard” (Prologue and Chapter 1)
They met at Beefstake Miami, one of the many Satellite events orbiting the Bitcoin 2021 conference. Check out how good it all looked if you dare:
For everyone who thought beef steak wasn’t worth it, you missed it 🥩🔥
Thanks @awayslice pic.twitter.com/hbzvxA2X4O
– Tahinis Restaurants (@TheRealTahinis) June 3, 2021
Tahinis and Bitcoin, a love story
It turned out that there was a thread on the restaurant’s Twitter account detailing exactly how Bitcoin “influenced our business and changed our lives for the better.” And of course it all starts as a COVID story.
The pandemic hit business hard and they had to lay off most of their employees and work with skeletal staff for a while. Then the “government aid programs in Canada“Started. And suddenly the economic crisis was over and everyone had money. Artificial, inorganic money, but money nonetheless.
Business boomed again, but the owners studied Bitcoin and the nature of money and the financial system. They understood what was happening. “We knew that cash doesn’t have the same appeal. That cash would end up being worth less with all the excess cash circulating in the economy.”
The person telling the story goes personal, says that he has come across Bitcoin multiple times, but “I never really paid any attention to it because my investor idol Warren Buffett called it rat poison.“Then he gradually received information from serious investors in the Bitcoin arena such as Preston Pysh and Raoul Pal. When he read Robert Breedlove’s article “The number zero and bitcoin“It clicked for him.
He devoured material from all of the bitcoin community’s favorite authors and thinkers. If you want to know which ones, here the first thread, and here is the second. It became clear to him that Bitcoin is: “a real free savings technology that stores wealth across time and space. “And the company decided:”store all of our excess cash reserves in bitcoin as it is a much better alternative to saving cash.”
Or should we say … the beginning.
BTC price chart on Poloniex | Source: BTC / USDT on TradingView.com
What about Senator Cynthia Lummis?
Well, Bitcoinist already told you that. in the your talk at Bitcoin 2021 Conference, she will:
… talk to the representative Warren Davidson about “Bringing Bitcoin Innovation Home to America”. Regarding the content of this conversation, she said:
“Warren and I worked together in the US house,” said Lummis. “The congressional calendar is very busy and I look forward to a long overdue and uninterrupted conversation with him about how we can work together to bring the US financial system into the 21st century.”
Related reading | How Sats Stack: Comparing Bitcoin Market Cap of $ 335 Billion
Key takeaway for small and medium-sized businesses
A Bitcoin strategy is not the exclusive domain of Fortune 500 companies. Do your own research and decide for yourself whether Bitcoin is suitable for your medium or small business. Tahini Restaurants already gave you two nutritious subjects full of material. If you missed it, here it is the first thread, and here is the second. Good Trip.
Selected picture by Tim Mossholder on Unsplash – Charts from TradingView