California-based, craft superfood chain, Everbowl, will now run its business operations off the Bitcoin Standard and is converting cash reserves to Bitcoin.
As Founder and CEO, Jeff Fenster explains, “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. 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 Bitcoin Standard will become the Gold Standard.”
As part of their decision to move to Bitcoin, Everbowl says it conducted research and spoke with its advisors about the options available for both their treasury as well as how to run the company on a go-forward.
Fenster continues, “As CEO, it is my responsibility to constantly keep an eye out for threats facing the company. In light of the excessive debasement of the U.S. dollar coupled with a 39-Year high inflation rate, we knew we had to rethink our treasury strategy. Upon learning more about the Bitcoin Standard and exploring the path ahead, it became more apparent that our organization must adopt it. The value of the cash within our company is eroding at an unsustainable rate. I strongly encourage all business leaders to at a minimum do their own research on Bitcoin to better understand the strategy.”
Everbowl is also offering its employees the option to be paid in Bitcoin and has plans to formally announce this 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,” said Fenster.
