American theater chain giant AMC announced earlier in the year that its theaters would begin accepting bitcoin payments by the end of 2021. The announcement was made in an earnings report in August. Explaining that the theater chain would start accepting the cryptocurrency for online payments. Bitcoin payments would be accepted both for movie tickets and for concessions by the theaters.
The market had reacted positively to this news. Which had seen the asset adding about $3,000 to its price after the news broke on August 9th. Now, the CEO of AMC, Adam Aron, has confirmed that the theater chain will be accepting bitcoin payments at the end of the year. And that they would be adding three other cryptocurrencies to the list of accepted digital currencies.
Accepting Bitcoin For Payment
Aron took to Twitter to confirm that the entertainment giant was indeed accepting Bitcoin payments online in 2021. In addition to confirming Bitcoin payments, Aron announced that the chain would also be taking payments in other crypto coins. These he revealed were Ethereum, Litecoin, and Bitcoin Cash.
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“Cryptocurrency enthusiats: you likely know AMC Theaters 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 will similarly accept Ethereum, Litecoin and Bitcoin Cash.” – Adam Aron, CEO, AMC Theaters
The theater chain is the largest in the United States and has implemented this payment method due to popular demand from its customers. This will be an addition to its already accepted methods of payment. The company also plans to introduce Apple and Google Pay as payments methods in addition to bitcoin.
AMC Growing With The Crypto Market
AMC stock had been among the great meme stocks of 2021. After GameStop, meme stock pushers had set their sights on AMC. It was a prime candidate for the meme stock craze given its performance in the market over the past year. The stock specifically took a beating due to the numerous lockdowns that happened due to the Coronavirus pandemic.
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Once caught in the meme stock craze, AMC stock had grown from $4.95 to $20.36 in the space of 24 hours at its height. As the pandemic has eased, countries have begun to open up again. Companies like AMC have now come back out to a completely changed market. Necessitating the adoption of things like crypto payments, which have grown in popularity over the lockdown.
BTC price trading below $48,000 | Source: BTCUSD on TradingView.com
The new payment methods will help to draw back customers that the theater chain may have lost due to the lockdown. More people are now inclined to pay with crypto like Bitcoin. So AMC has joined the ranks of companies like Microsoft who accept crypto for payment.
Featured image from Bloomberg, chart from TradingView.com