AMC Will Start Accepting Bitcoin For U.S. Tickets, Concessions This Year

The adoption of Bitcoin has grown massively this year, and it is expected to continue, with AMC Entertainment the latest corporate body, to start accepting the leading cryptocurrency.

AMC To Start Accepting Bitcoin Soon

The chairman and CEO of AMC Entertainment, Adam Aron, revealed yesterday that the company would start accepting Bitcoin. He made this known during the company’s Q2 earnings call yesterday, a move that would make it easy for people to further spend their bitcoins.

AMC Entertainment Holdings currently runs the largest movie theatre chain in the United States, and the company intends to start to accept BTC payments for tickets and concessions by the end of the year.

The chairman said, “We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe, and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.”

At the moment, it is unclear the technology AMC intends to use to process the payment. However, the adoption would be a big one for Bitcoin as AMC currently has 593 theaters in the United States and 335 international locations. If the move is successful, the company could look to start accepting BTC at other theater chains globally.

In addition to Bitcoin, Aron added that AMC Entertainment also wants to start accepting Apple Pay and Google Pay payments by the end of the year.

Bitcoin Is Slowly Recovering From Its Recent Slump

Bitcoin began 2021 in excellent fashion, with its price rising by over 100% to reach an all-time high close to the $65k mark. However, the value began to drop in May, with Bitcoin’s price dropping to the $30k level for most of June and July.

However, the trend is slowly changing as Bitcoin’s price has been appreciating in the past few weeks. Earlier this week, BTC’s price rose past the $45k mark, and it is currently targeting the next resistance level at $50k. BTC is currently up by 4.85% and could rally further over the next few hours and days.