AMC Entertainment To Accept BTC Payments By the End of 2021
Several top companies around the world have begun to list Bitcoin (BTC) and other digital currencies in their payment options as the demand for crypto services continues to grow. AMC Entertainment is yet another major company to join the ranks of firms ready to accept Bitcoin.
The mega movie theater chain has announced that it would begin accepting BTC as payment at its ticket and concession stands by the end of the year.
Crypto to Ease AMC’s Covid-19 Blushes?
CEO, Adam Aron, made the announcement about AMC’s crypto plans while the company's second-quarter earnings call was taking place. Mr. Aron said that the movie theater chain has plans to set up the necessary IT systems capable of accepting digital payment, which would create more alternative means for revenues.
The entertainment company is reportedly probing into various methods it could use to increase the number of sales. At the same time, it is doing all it can to recover from the widespread effects of the Covid-19 pandemic.
Theaters were particularly affected over the last 18 months, after being forced to keep fans and moviegoers out as a result of the pandemic. However, it appears that a few well-placed steps into the crypto industry seem to be just the way to go in order to recover, as suggested by Adam Aron.
“We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe,” Aron explained, “and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.”
Though AMC was not forthcoming with the sort of technology it intends to use in facilitating its impending crypto payments, previous integration by firms like PayPal and Shopify already places the task at good odds of being very feasible.
As one of the largest movie theater chains in the world, with more than 1 billion USD in revenue made in a covid-stricken year, AMC Entertainment Holdings decision to accept Bitcoin is an important development for the leading cryptocurrency, as well as the entire crypto market.
Marvelous Match: BTC Meets "Meme Stock" AMC
With AMC’s integration, Bitcoin might be set for another wave of curious popularity, and one not short of entertainment. Just like Dogecoin and other meme coins rallied to a stupefying high earlier this year after wild social media hype, AMC stocks surged in a very similar way.
Dogecoin, Gamestop, and AMC are three assets known to have been pumped up by popularity, and were all influenced by a dedicated wave of Reddit fanbase. AMC shares skyrocketed in May, following efforts by retail stock traders, and soared in value alongside “meme stock”, GameStop. Up 482% from its value six months ago, AMC’s performing stock has done its best in ameliorating the company’s last year losses.
NYSE:AMC was trading at about $33 before Adam Aron's Bitcoin revelations, only to rise by 13.2%. It later fell to about $35 per share.
Considering AMC’s loyal fanbase, and active retail stock traders, it would be interesting to see if BTC gets similar rallying attention in the coming months.
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