AMC Entertainment said Monday that it would begin to accept bitcoin payments for movie tickets and concessions if purchased online at all of its theaters in the US.
On an earnings call Monday, Adam Aron, the CEO of AMC Theaters, said that a theater chain in IT systems would be in place to take the cryptocurrency as payment by the end of 2021. He also said that AMC entertainment will now accept bitcoin payments for their theaters.
The move marks connect two highly speculative assets: Bitcoin, known for its enormous volatility, and AMC, which became a star of meme-stocks favored by retail traders on Reddit’s WallStreetBets forum.
Significantly, the bitcoin price changed in recent weeks, and the last trading was around $ 46,000 after falling below $ 30,000 last month. The recent rally came amid optimism that it will include a cryptocurrency pledge in the bipartisan infrastructure package. However, the Senate eventually failed to advance the agreement.
We already know that Tesla had announced plans to allow bitcoin transactions. However, it halted car purchases with the digital token in mid-May because of concerns about how mining contributes to climate change. Since then, Elon Musk, the CEO of Tesla, has commented positively on bitcoin, saying he plans to hold the coin long-term.
AMC shares increased more than 4% in extended trading on Monday after a better-than-feared earnings report. During the second quarter, the company posted a lower-than-expected loss quarter, along with revenue that exceeded analyst estimates.
The stock has rebounded nearly 1,500% this year as a band of retail traders who coordinated trading on social media platforms managed to create a massive contraction in the stock. Film in distress was a famous short target with hedge funds and other actors.