Adam Aron – the CEO of cinema operator AMC Entertainment announced on Monday that the company will start accepting Bitcoin as a means of payment before the year’s end. He said that the technology that’ll make accepting Bitcoin in exchange for tickets and concessions possible, should be available before the end of the year. He mentioned this on a call discussing the company’s earnings on Monday. He stated that payment for movie tickets and concessions purchased online at all of its U.S. theaters can be made in Bitcoin and that the company’s IT systems are already on the move to make this possible by the end of 2021.
The news is a little bit surprising because it has been quite a tough few months for Bitcoin. Bitcoin’s price has been unstable these past months causing heartaches and brewing fear in the hearts of traders and investors. Bitcoin which traded at an all-time high of $65,000 lost more than 50 percent of its value and was trading between $30,000 to $40,000, and falling below the $30,000 mark twice. Few days ago, however, it crossed the $40,000 mark and traded at $45,000.
AMC Entertainment’s decision to adopt Bitcoin into its operationsmarks a union between two highly speculative assets. Bitcoin is known for its wild price volatility while AMC, quite recently became a meme stock star favored by retail traders on Reddit’s infamous WallStreetBets forum.
Following the Monday announcement, shares of AMC went up over 4% in extended trading. The company’s impressive earnings report contributed to the stock rise. The company published results that beat analysts’ estimates; the company’s losses were not up to what was expected and revenue surpassed expectations.
AMC Entertainment, therefore, joins the league of globally recognized companies that have either integrated Bitcoin (and cryptocurrency) into its operations, or have plans of doing so.
Bitcoin seems to be making a recovery and analysts are predicting that the flagship cryptocurrency would most likely hit $50,000 before the end of this month. More Bitcoin (and cryptocurrency) adoption is to be expected as the use of cryptocurrency has endless advantages over traditional money. Cryptocurrency is arguably the future and democracy of money.
As of the time of writing this article, Bitcoin was trading at $45,077.60.