By Shelly Melancon (Switzerland)
AMC Entertainment’s holdings are currently the largest movie theater chain globally, with the company operating approximately 1,004 theaters and 11,041 screens worldwide.
AMC has declared that it will begin accepting Bitcoin as a payment method for movie tickets and concessions at all of its locations in the United States by the end of the year. The announcement concerning AMC’s plan of accepting Bitcoin was made during a shareholders call meeting held on Monday.
AMC Entertainment Holdings to Accept Bitcoin Payments Before 2021 Runs Out
While AMC Entertainment holdings’ CEO and chairman, Adam Aron, was speaking about the Q2 earnings of the company, he informed everyone of the company’s new plan. He said that the company popularly known for operating over 1000 movie theaters worldwide is now making some good plans to let them begin accepting Bitcoin as a payment method for movie tickets and concessions before the year 2021 runs out.
Aron also announced that AMC would also be accepting payments via Apple Pay and Google Pay by the end of this year while accepting Bitcoin payments.
Besides cryptocurrency, AMC also has plans to try out other Blockchain options.
Aron let everyone know that they will set up IT systems to help them achieve that functionality by the end of 2021. Although he did not mention the exact date or month, they plan to accept Bitcoin as a payment method.
We are still unsure how the technology AMC plans to set up will help them enable cryptocurrency payments.
AMC’s move will mark the union of two extremely dangerous holdings, Bitcoin and AMC. One can link the company’s migration into the world of crypto to the meme stock star mania on Reddit’s infamous WallStreetBets forum. Due to that event earlier this year, the shares of AMC soared through the roofs after it became preferred by Reddit’s retailers.
This year, the stock has risen to about 1,500%, thanks to a group of retail traders who used social media platforms to coordinate trades, resulting in an enormous short hike in the shares. The insolvent movie theater was a popular short target for hedge funds and other investors.
The Growth of AMC Stocks Due to Cryptocurrency
AMC Entertainment holdings have finally reopened its theatres in New York and California, recorded as their most profitable market in March.
According to Aron, retailers in Yolo stocks are passionate about cryptocurrencies. His statement was proven right when the stock jumped 13.2 percent in value from trading at about $33 before his announcement. However, the stock fell back down to about $35 per share, which means that AMC stock is currently up by 3.36 percent. But this is enough proof that once Bitcoin payment is enabled in AMC, there will be a boom in their stock price.
The bitcoin price rose significantly during these recent weeks because it previously traded at about $46,000 after falling below $30,000 in July. There has even been speculation about Bitcoin soon hitting the $100,000 mark. The recent uptick coincided with hopes that it would include a cryptocurrency agreement in the bipartisan infrastructure package. The Senate was completely unable to move the agreement forward.
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