AMC Announces It Will Allow People to Buy Movie Tickets With Bitcoin

AMC Theatres announced on Wednesday that it will allow patrons to pay for tickets with bitcoin, the digital currency. During its initial launch, AMC said it will only be accepting bitcoin for purchases at about 1,000 of its ticketing locations across the country. The move will make AMC the first large-scale chain to accept bitcoin payments, although a small number of independent theaters and businesses have accepted the currency in the past.

Register now on Binance, add 50$ and get 100$ bonus voucher!

AMC the movie theater chain announced this week that it will begin to accept cryptocurrency starting in 2018. The entire chain will convert all purchases made in cryptocurrencies to the local currency at the franchise’s point of sale (POS). AMC also plans to use its loyalty program to verify customer’s cryptocurrency-linked data. The company is planning on testing the new system by offering discounts to moviegoers who spend bitcoin.

AMC Theaters has announced that it will allow customers to buy tickets using Bitcoin, its internal virtual currency, starting this year. The theater chain joins a chorus of companies like Expedia, Overstock and Dish Network that accept Bitcoin as payment.

 

Bitcoin acceptance is still increasing, and at a faster rate than most people anticipated. Almost every day, more companies, dealers, institutions, and others begin to accept Bitcoin and other cryptocurrencies. While prices are rising again — the Bitcoin price is now back above $45,000 per coin – adoption has been strong even over the previous two months, which have been very negative.

AMC Entertainment said Monday that it would begin taking Bitcoin as payment for movie tickets and snacks, bringing Bitcoin back into the spotlight. For the time being, Bitcoin payments will only be allowed for online purchases, but they will be accepted at all of AMC’s US theaters.

The move brings the cryptocurrency sector even closer to the entertainment industry, which was one of the first to embrace cryptocurrencies. This connection is now much more formal, thanks to AMC’s backing.

During a recent earnings call, AMC CEO Adam Aron said that the movie theater company would implement sophisticated IT systems that will enable them to begin taking cryptocurrency payments. He claims that by the end of 2021, AMC cinemas will be ready to take BTC.

Both Bitcoin and AMC saw significant price fluctuations.

Another reason this is significant is that Bitcoin is not the only highly speculative asset included in this arrangement. As many may recall, AMC was also a meme stock that drew a slew of retail traders when Reddit’s WallStreetBets group began a series of short squeezes in early 2021. Originally, the organization was fighting against institutional investors who were shorting GameStop’s shares and were on their way to profiting from the company’s demise.

Retail merchants on Reddit joined together to oppose this, and they were successful. They did not, however, stop with GameStop; they proceeded to defend stocks of other businesses that institutions were attempting to short in return for profits. One of them was AMC.

Register now on Binance, add 50$ and get 100$ bonus voucher!

Bitcoin’s volatility is nothing new, and its huge price fluctuations have been the subject of much discussion for years. Bitcoin most recently reached an all-time high of $64,800 three months ago, only to witness a significant price decline in mid-May. The coin’s price was halved, and it ended up between $30k and $35k for two months, oscillating between these two levels.

However, during the past two or three weeks, Bitcoin’s price has begun to rebound, and it is currently trading in the mid-$40,000s. While the price has dropped by almost 50%, the recovery has shown that this is just a blip and not the start of a new crypto winter. The recovery has also restored a sense of hope in the crypto sector.

In 2021, there will be several significant BTC advancements.

The most significant development for Bitcoin this year was its acceptance by Tesla, which announced in early 2021 that it would begin taking BTC payments. However, in May, the business stopped accepting Bitcoin payments, saying that it was too harmful to the environment to continue utilizing it. This has had a significant effect on the coin’s price, but it has also moved focus to crypto’s environmental friendliness.

Around the same time, China began clamping down on Bitcoin miners, expelling them from several provinces and becoming even more anti-crypto than before.

AMC’s stock soared by 4% in extended trade after the news. The move demonstrates that Bitcoin knowledge and demand for crypto use cases are growing, and any business ready to accept Bitcoin payments right now is getting a lot of traction.

AMC the largest movie theater chain in the United States just announced that it will start accepting Bitcoin for movie purchases, in an effort to increase its appeal to younger movie-goers. This is part of a larger plan to continue to break away from the “big chains” that have a monopoly on the movie industry. This is also an effort to make the theater more accessible to everyone, and to appeal more to those who are used to using internet-based payment methods.. Read more about amc theatres and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • amc theatres
  • amc showtimes
  • amc stock forecast
  • nasdaq amc
  • yahoo finance amc stock

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Tonga accepts Bitcoin donations amid tsunami onslaught

A small island of Tonga has been hit by a tsunami, and the country is calling for donations in Bitcoin. The nation’s Prime Minister...

How to Buy Solana (SOL) in India

It is important to know how you can buy SOL in India. It’s no secret that the Indian market has only recently begun to...

How to Buy Flow (FLOW) in India

Flow is a cryptocurrency that was introduced in June 2018. It uses the Ethereum blockchain platform, but has its own built-in digital currency called...

Moonbeam Goes Live on Polkadot, Becomes its First Fully Operational Parachain

Moonbeam, the world’s first fully operational on chain scaling solution was released into the wild this week. The Polkadot-powered platform aims to provide scalability...

Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign...

Related Stories