The California-based food chain said inflation and eroding purchasing power of fiat currencies prompted the switch into Bitcoin.
Everbowl, a craft superfood chain based in California, will now run its business operations on a Bitcoin standard and convert all of its cash reserves to bitcoin, the company said in a Friday statement.
“We’ve concluded that running the business exclusively on cash isn’t the most advantageous, nor the safest, method of running a business in 2022 and beyond,” Everbowl founder and CEO, Jeff Fenster, said in a statement. “Also, I understand that it is still early in terms of corporate adoption, as well as governmental adoption of Bitcoin, but we plan to make a contribution to this cause by leading with our example.”
“A disruptive growth company should always position itself ahead of the pack and take the lead by adopting new technologies early rather than late. We believe it’s a matter of ‘when,’ not ‘if,’ that the Bitcoin Standard will become the Gold Standard,” Fenster added.
Fenster said he started to rethink his company’s treasury strategy “in light of the excessive debasement of the U.S. dollar coupled with a 39-year high inflation rate.” The chief executive then began to learn more about the structure of a Bitcoin standard, after which the decision to adopt it became natural.
“The value of the cash within our company is eroding at an unsustainable rate,” Fenster added. “I strongly encourage all business leaders to at a minimum do their own research on Bitcoin to better understand the strategy.”
Everbowl will also offer its employees the option to be paid in bitcoin, a move the company will formally announce soon.
“While we understand it is not possible to convert 100% of our business operations to the Bitcoin Standard at this time, we will increase our adoption and conversion as more access points become available,” Fenster said.
In 2020, Canadian restaurant Tahinis embarked on a Bitcoin standard and converted all of its cash reserves into bitcoin. A couple of years later, the group started expanding across Ontario with the boost sound money gave its business.
This article was originally published on Bitcoinmagazine by NAMCIOS