AMC will accept Bitcoin as payment for movie tickets.
On Monday’s quarterly earnings call, AMC Entertainment CEO Adam Aron revealed that the company is putting in place IT infrastructure to allow Bitcoin payments.
Before the end of the year, AMC theaters are expected to accept cryptocurrency as a form of payment.
Get the popcorn ready.
On the results call, Aron mentioned that the chain would accept Bitcoin for online payments of movie tickets and refreshments in all U.S. theaters.
The transaction combines two high-profile investments that have dominated the news this year.
Bitcoin is, of course, the most well-known cryptocurrency, and AMC – a business whose stock was lumped in with the likes of Gamestop ($GME) in Reddit’s r/WallStreetBets saga earlier this year.
During the retail renaissance, AMC stock increased by nearly 1,000%.
This week’s earnings report revealed that AMC’s figures were better than expected, with revenues above analyst projections.
In addition, the company posted losses per share of $0.71, compared to $0.91 predicted.
All of the theaters in the United States were open at the end of June, while around 95% of the international sites were open.
In the second quarter of the year, the company welcomed 22 million visitors.
Aron also voiced optimism that the company will eventually turn a profit in the fourth quarter.
AMC is anticipated to experiment with new material, such as sports and pre-recorded concerts.
AMC is also anticipated to begin integrating Google Pay and Apple Pay for payments, in addition to Bitcoin.
The stock of AMC increased by more than 3% on the day.
Not For The First Time… isn’t the last.
AMC will join a growing number of publicly traded firms that are incorporating Bitcoin into their operations in some form.
Tesla, run by the Doge-king himself, Elon Musk, accepted Bitcoin as a form of payment for vehicles for a brief time before discontinuing it in mid-May, citing environmental concerns.
Musk has since expressed his overall enthusiasm for Bitcoin, including recent remarks about the use of renewable energy in particular.
However, it remains to be seen how this will affect Tesla’s already implemented policies.
Of course, fintech and related companies have started integrating Bitcoin to their balance sheets, such as Square and MicroStrategy.
PayPal has recently become more crypto-friendly.
Musk has speculated that Tesla could acquire as much as 42,000 bitcoins in recent weeks.
Sotheby’s auction house has recently begun to take cryptocurrency, as well as listing NFTs.
More non-traditional businesses are joining the fray, such as Microsoft’s Xbox and Starbucks, which have collaborated with Bakkt to investigate cryptocurrency payments.
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