U.S. Restaurant Chain Converts Cash Reserves to Bitcoin
Everbowl, a California-based creative superfood brand, is now operating on the Bitcoin standard and converting its cash reserves to Bitcoin. As founder and CEO Jeff Fenster says, "We've decided that running a company entirely on cash is neither the most profitable nor the safest way to operate in 2022 and beyond.
In addition, I recognize that corporate and government acceptance of Bitcoin is still in its infancy, but we want to contribute to the cause by setting an example. A disruptive, growing company should always be ahead of its competitors and take the initiative by adopting new technologies sooner rather than later. We believe that the Bitcoin standard will be the gold standard for "when" rather than "if".
Founded in 2016, Everbowl is a Southern California-based fast-casual restaurant chain with more than 50 locations in California, Arizona, Florida, Georgia, Indiana, Missouri, Nevada, Oregon, South Carolina, Texas and Utah, and plans to expand over the next 36 months to serve more than 130 locations in Colorado, Idaho, Louisiana, Texas and North Carolina with more than 130 locations. Everbowl claims that as part of their decision to transition to Bitcoin, they conducted research and discussed with their advisors the many alternatives available to their treasury and how to manage the business going forward.
Fenster continued, "As CEO, it is my responsibility to continually monitor the hazards in our business. We recognized that we needed to reevaluate our Treasury approach in light of the significant devaluation of the U.S. dollar and 39 years of hyperinflation. After learning more about the Bitcoin standard and considering the options available to us, it became clear that our company had to embrace it. The financial value of our company is deteriorating at an unsustainable rate. I strongly recommend that all company executives conduct their own research on Bitcoin to better understand the strategy."
Everbowl is also considering offering its employees the option to pay in Bitcoin and hopes to disclose this in the near future.
"While we recognize that not all of our business activities can be converted to the Bitcoin standard at this time, we will accelerate adoption and conversion as more access points become available," Fenster said.