The AMC- American cinema hub has declared that it will consider accepting Bitcoin movie tickets by the end of 2021. Since they are getting huge demand from the customers, this initiative is approached. 

According to the AMC the payment from customers will be accepted in Google Pay and Apple Pay as the payments of Bitcoin and cryptocurrencies.

Let’s check out the updates by AMC:

AMC Entertainment specified on Monday that it will begin accepting bitcoin as payment for movie tickets. The concessions are bought online at all of its U.S. theatres.

CEO Adam Aron specified that the movie theatre chain will have the IT systems for smooth transaction of cryptocurrency that will be accepted as payment by the end of 2021.

In mid-May Tesla had declared strategies to accept bitcoin for transactions done, but it stopped accepting bitcoin.CEO Elon Musk has commented that bitcoin will be on hold for long term.

The stocks of AMC had scaled up more than 4% in lengthy trading following a better-than dreaded earnings report. The company has announced a narrower-than-expected loss through the second quarter, along with revenue which was evaluated by the analysts’.

What does the CEO have to say?

Aron stated the company is discovering other crypto paths as well. Bitcoin may not be the only cryptocurrency that the company agrees to take overall. “We’re on the case,” Aron said, “more to come.”

The stock has united nearly 1,500% this year as the group of retail traders who harmonized trades on social media platforms. It has managed to generate a massive short embrace in the shares.

Shivangi Mujumdar

CBW - External Analyst

INDIA