“AMC accepting crypto” might not be on everyone’s bingo card for 2021, but it’s a bold move by the theater chain. According to Adam Aron, boss of AMC Entertainment Holdings Inc, the theater plans to accept bitcoin cash, litecoin, and ether along with bitcoin for ticket purchases.
With cryptocurrencies continuing to gain acceptance among mainstream companies and investors, this is a major development.
Aron took to Twitter with the following statement on Wednesday, September 15, 2021.
“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.”
In August, the company said it would begin to accept bitcoin by the end of the year. With this announcement, they are sure to arouse more interest among mainstream companies.
AMC Accepting Crypto: The Bitcoin Background
In the first notes about AMC accepting crypto, Aron stated that moviegoers were eager to use this currency more actively in their daily lives. Among these are the purchase of tickets and concessions at AMC locations throughout the United States. Additionally, the AMC boss stated that the company is in the process of finalizing the necessary modalities to accept crypto payments.
Similar to the announcement in August, the reveal of these plans to accept expanded forms of cryptocurrency drew some criticism from proponents of other coins. For instance, proponents of Dogecoin (DOGE) were quick to criticize their failure to include the popular “meme coin.”
Still, AMC accepting crypto in any form is one aspect of a growing trend. Prominent retail establishments across the country continue to enable support for crypto payments in stores.
After a difficult 2020, this plan to adopt crypto comes through amid the company’s resurgence in revenue. During pandemic lockdowns that characterized 2020 and parts of 2021, the companies revenue dwindled, with the 2020 Q2 financials recording a mere $18.9 million. However, Q2 of 2021 saw reports of $444 million in revenue.
This revenue uptick owes in part to the massive increase in the share price of the company. With the Reddit group r/Wallstreetbets converging upon the stock in a squeeze earlier this year.
Mainstream Acceptance of Crypto
As corporations continue to jump aboard the bandwagon, AMC accepting crypto seems to be a sign of the times. Even with growing concerns over the impact of mining digital currency on the environment (consuming massive amounts of energy), there’s excitement among users.
Per one Reddit user, “While I don’t think this is going to make any of these coins do any parabolic movements as a result, to me this is just another awesome step in the global adoption of crypto as a whole.”
Still, some analysts raise questions about whether the day-to-day use of crypto is viable.
According to Ipek Ozkardeskaya, senior analyst at Swissquote Bank, “People are not buying Bitcoin to spend them. For me, it’s still not a nicely established currency in the sense that it’s more of an investment for the future or for something that we may want to have in the future.”
With AMC accepting crypto by the end of the year, it’s hard to know what aspect of our lives is next to adopt its use. Needless to say, users continue to watch with excitement.