AMC Theatres accepts Bitcoin (BTC) – and yes, there is a theater near you accepting the cryptocurrency! The theater giant announced on Tuesday that it is now accepting Bitcoin – the first Hollywood film studio to do so.
As one of the largest movie chains in the world, AMC is well-known and bettered by other movie theaters in its style of operation. This has lead however to a lot of backlash from the average movie-goer, who often feel like AMC is a scam. In response, AMC has begun accepting cryptocurrencies, primarily Bitcoin (BTC).
American cinema giant AMC is now accepting Bitcoin (BTC) | The $400 million purchase of the Landmark Theatres chain by AMC has been approved by the Federal Bureau of Investigation (FBI) and the Anti-Trust Division of the US Department of Justice (DOJ), a sign that the company is continuing to embrace the digital currency.
AMC, the world’s largest movie theater chain, now accepts Bitcoin (BTC) |
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Adoption of Bitcoin in the United States
The world’s biggest theater chain has announced its intention to accept Bitcoin as a legitimate payment option for its films by 2022.
2 min read by Oluwapelumi Adejumo on August 10, 2021 at 3:00 pm UTC
The biggest American theater operator, AMC, has stated that it plans to begin accepting Bitcoin for movie ticket payments by 2022, in what is possibly the latest in a sequence of incidents showing the acceptance of crypto as a legitimate method of trade worldwide.
Adam Aron, the cinema’s chairman and CEO, made the news during a conference call about the company’s second-quarter results, which were released on August 9.
According to AMC, there has been an upsurge in demand for cryptocurrency.
According to him, the theater chain plans to put in place the necessary infrastructure for accepting Bitcoin for online movie ticket purchases by the end of this year, so that it may begin accepting Bitcoin next year.
Despite Aron’s excitement for the idea, some crucial facts concerning the relocation were left out. He did stress, however, that the demand for the adoption of cryptocurrency for the purchase of movie tickets from theater patrons is very strong.
For movie tickets, AMC will take #Bitcoin! 🙌🚀
August 9, 2021 — Bitcoin Archive (@BTC Archive)
The company’s Q2 results, which were published earlier in the day before Aron’s call, showed significant gains over previous year’s results.
AMC’s strong second-quarter results came only a year after the company seemed to be on the verge of bankruptcy, with the theater chain having to shutter locations as the worldwide coronavirus epidemic spread.
It made $444 million in sales in the second quarter of 2020, compared to $18.9 million in the second quarter of 2020. Year over year, the company’s net losses decreased from $561 million, or $5.38 per share, to $349 million, or $0.71 per share.
Apart from the acceptance of BTC payments, which was unsurprisingly prominent in the CEO’s statement, he also announced that the company intends to establish over twelve new sites throughout the US, Europe, and the Middle East by the end of the year.
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#AMC is the largest theater chain in the United States. Their primary focus is to provide moviegoers with the best possible experience, be it in a movie theater, on demand, or on their tablet or smartphone. And to do that, they have recently announced a new initiative: accepting digital currency like Bitcoin and Monero for their in-theater purchases. This is a major step towards the mainstream acceptance of these digital currencies.. Read more about does amazon accept bitcoin and let us know what you think.
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