Bitcoin (BTC) serving as a means of payment continues to be adopted by large companies, with the latest to announce such a plan being AMC Entertainment and their respective chain of theatres.
With this declaration, the number of globally recognizable brands adopting BTC continues growing, following the countless recent announcements made by other brands and companies of global renown. The move marks a marriage of two highly speculative assets, with BTC, known for its wild volatility, and AMC, which became a meme stock star favored by retail traders on the infamous WallStreetBets forum.
In addition to BTC, AMC Entertainment wants to start taking Apple and Google Pay payments by the end of the year, as well.
AMC Theatres Announces Plan to Accept Bitcoin Payments
“We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe. We are intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further involvement (with cryptocurrency).”
– Chairman and CEO of AMC Entertainment, Adam Aron.
AMC Entertainment’s respective movie theatre chain, AMC Theatres, will add BTC as a payment option by the end of the year. Founded in 1920, AMC Entertainment Holdings is among the world’s most prolific (and most profitable) movie theatre chains, with over $1 billion in revenue last year alone.
During an earnings call last Monday, CEO Adam Aron announced the organization’s intent to begin accepting BTC as a means of payment by the end of this year. According to Chairman and CEO Adam Aron, customers will also have the ability to buy movie tickets and concessions using BTC if they purchase these items through any of AMC’s United States-based theatres.
Lastly, it is worth noting that the price of an AMC share, which exploded in popularity earlier this year during the infamous WallStreetBets saga, increased by more than 4% following the announcement.
Final Thoughts
At the present moment, it is unclear what technology AMC intends to use to process these payments. However, the adoption of BTC by an organization such as AMC is a big one for the cryptocurrency space as a whole – and to put this in perspective, AMC currently has 593 theaters in the United States and 335 international locations.
Hardly a small fish, of course.
Lastly, if this move to adopt BTC by the corporate giant successfully live up to the anticipation, it is likely AMC begins accepting BTC across its chain of theatres globally.
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