AMC to Accept Crypto alongside Bitcoin at Movie Theaters before the End of This Year
Nicholas Otieno Sep 17, 2021 03:45
AMC Entertainment Holdings Inc has disclosed that it will accept a variety of cryptocurrencies as payment for tickets and concession payments at all US theatres by the end of the year.
AMC Entertainment Holdings Inc, a cinema operator, has announced plans to start accepting a wide range of cryptocurrencies for online ticket and concession payments before the end of this year, thus expanding its pledge to begin receiving Bitcoin as payments in its movie theatres.
On Thursday, September 16, Adam Aron, the CEO of AMC Entertainment Holdings, revealed the plan through his Twitter account that the US movie theatre chain will allow customers to pay for ticket purchases and snacks using Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in the coming months.
"Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash," Aron stated in a tweet on Wednesday.
It is a part of a wider strategy that AMC aims to use to modernise its operations, and it will also begin accepting payments through Google Pay and Apple Pay.
AMC is among the famous and prominent “meme-stocks" favoured by retail investors and the online community of day-traders on Reddit to target its audience with such an announcement.
Earlier this year, AMC – the American movie theatre chain with the largest share of the US theatre market – disclosed that it would begin accepting Bitcoin, the most popular crypto asset, by the end of the year. The meme stock frenzy witnessed earlier this year was the main reason behind such a decision by AMC.
The firm is betting that technology fans will consider translating their enthusiasm for AMC stocks to doing business at its theatres.
The latest announcement is not entirely unexpected. The decision to accept Bitcoin payment was noted on the most recent AMC earnings call last month, with plans to expand the reach into other cryptocurrencies.
Crypto Market Going Mainstream
AMC Entertainment Holdings Inc is the latest mainstream firm to consider adopting cryptocurrencies as payment.
It is clear that crypto assets are never far from the headlines nowadays. While the news that the value of Bitcoin climbed an all-time high of $60,000 per coin for the first time early this year was great, the news that Tesla CEO Elon Musk is investing billions in it is phenomenal.
Buying and selling cryptocurrencies is becoming increasingly mainstream, and opportunities to spend digital currencies are also expanding despite their volatility.
AMC joins a growing number of firms across various industries, from airlines to big tech, embracing cryptocurrencies, allowing their customers to use them as payment methods for their goods and services.
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