After MicroStrategy announced it’s $250 million Bitcoin purchase, two Canadian firms have joined the ‘holding BTC as a reserve asset’ bandwagon – Snappa, and Middle-Eastern restaurant Tahini’s.
MicroStrategy publicly announced its adoption of Bitcoin as a primary reserve asset earlier during the month. The trend has now caught up on more firms.
Canadian businesses Snappa, and Middle-Eastern food joint chain, Tahinis announced the allocation of their cash reserves to BTC.
Canadian Firms Snappa Allocate ‘Significant’ Cash Reserves to Bitcoin
In a blog post published yesterday, Christopher Gimmer, founder and CEO of graphics solution provider firm, Snappa announced that his company has a ‘significant percentage of its cash reserves in Bitcoin.’
According to the article, Snappa began accumulating BTC in March this year. The decision to hold Bitcoin as a reserve asset wasn’t an impulsive one.
Gimmer and the team decided to do it “after falling down the rabbit hole and spending hundreds of hours studying the underlying protocol and all the game theory behind it.”
In the tweet thread, the owner explained how difficult it was to keep the restaurant afloat after the COVID-19 lockdown. Especially when the restaurant staff was not willing to turn up for work, owing to benefits received from ‘government assistance programs.’
The programs inflated their cash reserves, but in the eyes of the owner held little to no value. The Tahini’s founder added that they had been a Bitcoin investor and constantly kept learning about and understanding the cryptocurrency in depth.
Eventually, Tahini’s founder realized that Bitcoin is ‘a true free savings technology that stores wealth across time and space.’ That’s when they, as a company, they decided to go ‘all in’ in BTC “as it offers a much better alternative to saving cash.”
they also don’t intend to stop the process:
We will continue to do that over the coming years and maybe forever if we don’t have a need for the fiat.