AMC, a well-known theater chain, has announced that it will be ready to accept Bitcoin (BTC) payments from customers by the end of 2021 as cryptocurrencies have become more widely accepted by institutional investors and businesses.

The movie theater chain intends to accept Ethereum, Litecoin, and Bitcoin for online ticket sales before the end of the year. The news comes just over a month after AMC announced that it would start accepting Bitcoin.

"Cryptocurrency enthusiasts: you likely know @AMCTheatres 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," CEO of AMC Theatres, Adam Aron said in a tweet on Wednesday.

Aron claimed that by the end of 2021, the movie theater chain will have the required IT technologies in place to accept digital currencies as payments.

During the earnings call with shareholders, Aron stated he had to learn more about blockchain and cryptocurrencies in the last six months, besides what he learned in the previous decade.

He adds, “This increased knowledge has given me the confidence to tell you all today that AMC is formally announcing on this call that by year-end, we will have the information technology systems in place to accept bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theaters.” 

This development follows Quiznos' announcement that it will accept Bitcoin for sandwiches and other goods and services, as well as Burger King Brazil's announcement that it will accept payments in Dogecoin for the dog treats it sells.

Many large firms in the United States are already showing tremendous interest in cryptocurrencies, despite warnings from crypto analysts about the major concerns of using them daily. The growing environmental impact of digital currency mining, which consumes vast quantities of electricity, is yet another concern.

Pavan A

CBW - External Analyst

INDIA