There was an important development that affected the market today. AMC Entertainment, the world’s largest movie theater chain, will start accepting Bitcoin for movie evendollars at all its locations in the USA.
The world’s largest movie theater chain AMC will accept Bitcoin payments!
The company’s CEO, Adam Aron, said that the necessary technology to enable such functionality will be implemented by the end of 2021. However, as of now, it is unclear how exactly AMC will enable Bitcoin payments. The company’s crypto transition may be linked to the Reddit meme stock craze that caused AMC shares to soar earlier this year after becoming the target of short sellers.
Adam Aron claims that many individual investors interested in the yolo stockdollar series are also enthusiastic about cryptocurrencies. Apart from Bitcoin, the company is exploring “other options with Blockchain.” AMC stock rose 3.36% in premarket trading on the Bitcoin announcement and better-than-expected earnings. AMC is the world’s largest movie theater chain with 1, 004 movie theaters and 11,041 screens. The company was able to reopen theaters in its most lucrative markets, California and New York, in March.
The company did not specify what technology it will use to process payments
AMC Entertainment Holgs, the largest film exhibition company in the United States series, will begin accepting Bitcoin payments for evendollarser and franchises by the end of the year. However, the company did not specify what technology it will use to process payments. Speaking during a conference call on the company’s second-quarter results on August 9, Chairman-CEO Adam Aron said:
We are also currently at the forefront of exploring how else AMC can participate in this burgeoning cryptocurrency universe, and we are highly impressed by the potentially lucrative business opportunities for AMC if we continue to engage more seriously with cryptocurrency wisely.
Cryptocoin. com, AMC will start accepting Apple Pay and Google Pay payments at the end of 2021. The company also announced that it plans to open more than a dozen locations in the US, Europe and the Middle East this year. AMC Entertainment is one of the world’s largest film exhibition companies, with 950 movie theaters and 10,500 screens worldwide.