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14, bitfinex announced that it would close the accounts of ontario clients who have no balance on the platform, while many users "will not have access to any services" from 1 march.
According to a Tuesday report from Canadian news outlet Toronto Star, when Tahini’s restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin (BTC) in August 2020 because it offered “a much better alternative to saving cash,” the price of the crypto asset was roughly $12,000. Aly hamam indicated that the company had benefited from the original investment in cryptography.
"we made the switch to the company's balance sheet on a bitcoin standard back in august 2020, and since this time, we are up more than 300% on our original investment,' said hamam. "It really did its job of protecting against inflation and it worked as we expected it to."
The BTC price rose to an all-time high of more than $67,000 in November before dropping to $41,729 at the time of publication. Despite an 80% decline in business sales in one week early in the pandemic, hamam said the cryptography investment has allowed them to grow from three restaurants to nine at a time when many in the industry are facing financial difficulties, and has planned to increase that number to 25 by the end of the year.
"we keep a working capital for about three to six months in cash, and then the rest goes into Bitcoin," said Hamam. 'So every time we have expansion, we don't have to sell our bitcoin to finance that expansion. We try to operate conservatively, where we never have to sell our Bitcoin and we just keep accumulating on our treasury.”
#Bitcoin is hope for both big and small businesses alike
— Tahinis Restaurants (@TheRealTahinis) January 19, 2022
Bitcoin is hope for large and small businesses – Tahinis Restaurants (@TheRealTahinis) January 19, 2022. They are each home to a bitcoin distributor, enabling customers to buy chips before, during, or after meals.
They are every house at a Bitcoin ATM, allowing customers to buy chips before, during or after meals.
Related: Landry’s Restaurant Group to introduce Bitcoin loyalty program
"We'll keep trying to make the best food we can... and with Bitcoin, we also want to help people financially." The Ontario Securities Commission has cracking down on crypto exchanges operating in the region, including Binance, OKEx, Bybit, KUCOIN and Polo Digital Assets. The Ontario Securities Commission is cracking down on crypto exchanges across the region, including digital assets such as binance, okex, bybit, kucoin and polo. 14, Bitfinex announced it would be closing the accounts for Ontario-based customers who have no balances on the platform, while many users “will no longer have access to any services” starting on March 1.
