AMC, the world’s largest theater chain, announced earlier this year that its theaters would begin accepting bitcoin payments by the end of 2021. In August, the announcement was made in an earnings report. Explaining that the theater chain would begin accepting bitcoin for online payments. Bitcoin payments would be accepted for movie tickets as well as concessions at theaters.
The market reacted favorably to this news. Which resulted in the asset’s price increasing by about $3,000 after the news broke on August 9th. AMC’s CEO, Adam Aron, has now confirmed that the theater chain will accept bitcoin payments by the end of the year. And that they would be adding three more cryptocurrencies to the list of digital currencies that would be accepted.
Bitcoin Payment Acceptance
Aron took to Twitter to confirm that the entertainment conglomerate would be accepting Bitcoin payments online in 2021. Aron announced that, in addition to accepting Bitcoin payments, the chain would also accept payments in other crypto coins. He revealed three of them: Ethereum, Litecoin, and Bitcoin Cash.
“Cryptocurrency enthusiasts, you are probably aware that AMC Theaters has announced that we will accept Bitcoin for online ticket and concession payments by the end of 2021. I can confirm today that when we do so, we expect to accept Ethereum, Litecoin, and Bitcoin Cash as well.” – Adam Aron, AMC Theaters CEO
The largest theater chain in the United States has implemented this payment method in response to customer demand. This will be in addition to the existing payment methods. In addition to bitcoin, the company intends to introduce Apple and Google Pay as payment methods.
AMC is expanding alongside the cryptocurrency market.
AMC stock was one of the top meme stocks in 2021. After GameStop, meme stock pushers turned their attention to AMC. Given its market performance over the last year, it was an obvious candidate for the meme stock craze. The stock specifically suffered as a result of the numerous lockdowns caused by the Coronavirus pandemic.
At its peak, AMC stock had risen from $4.95 to $20.36 in the space of 24 hours after becoming engulfed in the meme stock craze. As the pandemic has subsided, countries have begun to reopen their borders. Companies such as AMC have now returned to a drastically altered market. This necessitates the use of crypto payments, which have grown in popularity as a result of the lockdown.