California superfood chain Everbowl recently published an announcement stating that it intends to move its business operations to a Bitcoin standard. The company will convert its cash reserves into BTC and start running its business off the back of crypto.
Leading the Charge
As part of its announcement, the company clarified that it has conducted extensive research and vetted the disruptive change with leading professional advisors. Jeff Fenster, CEO and founder, concluded that running Everbowl exclusively on cash is not the most advantageous method—nor the safest one—in 2022.
Fenster further recognized the importance of running ahead of the curve in terms of corporate adoption of Bitcoin and cryptocurrency in general. Fenster believes the company can contribute to greater adoption by setting an example.
As a disruptive growth company, Everbowl should position itself ahead of the pack, according to Fenster. He believes his firm’s duty is to lead the adoption of new and beneficial technologies rather than follow the lead of others. Fenster also sees Bitcoin as the gold standard of the future, which is why he remains confident that his strategy is sound.
Everbowl has been reexamining its treasury strategy for some time, seeking to alter its direction due to the “excessive debasement of the US dollar” and “a 39-year high inflation rate.” The combination of the two has led to a significant erosion of cash value within the company, which they now view as unsustainable.
While leading the switch to crypto-assets, Fenster also encouraged other business leaders to further their research on Bitcoin. As for Everbowl itself, the company intends to allow employees to receive payments in Bitcoin going forward.
Fenster added that it is not possible to convert 100% of the company’s business operations to the Bitcoin standard at this time. However, they will work on increasing their adoption and conversion rate as additional access points become available.