Cinema operator AMC Entertainment has announced that it will start accepting Bitcoin (BTC) for movie tickets and concessions by late 2021. The announcement was made by the company’s CEO during an earnings call on Monday, 9th August.
The movie theater chain will be equipped with IT systems for accepting the cryptocurrency, as well as Apple Pay and Google Pay.
The move comes after Bitcoin’s breaking $46,000 yesterday. AMC Entertainment’s shares only climbed 4% in extended trading on Monday following a better-than-feared earnings report.
The company is still going through major financial troubles following the COVID-19 pandemic. 95% of all AMC movie theaters were reopened at the start of the summer but there weren’t enough movie goers to revive the company. However, Aron is still expecting a bright future.
He noted that many of the company’s big new crop of retail investors, which he’s embraced heartily, are highly enthusiastic about cryptocurrency. “We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency,” Aron said.
There’s no detail on how the purchasing process will look like for customers.
Thanks to Reddit, AMC soared in value earlier this year as one of the so-called “meme stocks”. The company will try to hold the bar through the use of cryptocurrencies.
AMC Entertainment will have the technology in place to receive BTC as payment for movie tickets and concessions by the end of the year.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$62,736.53||3%|
|ETHEREUM (ETHUSD) Ξ||$4,179.61||2.39%|
|IMM. US (REIT)||$2,736.84||0.18%|
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