AMC Entertainment will reportedly start accepting bitcoin as payment for tickets and concession purchases at its US theaters, making it the first cinema chain to accept cryptocurrency as a payment option.
AMC will start using IT systems that allow payments to be made in cryptocurrencies, as well as with Google Pay and Apple Pay, in all of its 593 US theaters by the end of the current year, according to CEO Adam Aron, as quoted by the Wrap.
The step comes as the world’s biggest cinema chain seeks to boost revenue in an attempt to bounce back from the coronavirus pandemic.
In January, shares of AMC Entertainment skyrocketed, becoming one of the most highly speculative assets amid the short squeeze triggered by retail traders on Reddit’s infamous WallStreetBets forum.
Since the beginning of the year, AMC’s stock price has soared by nearly 1,600%, from about $2 per share last December to nearly $34 per share today.
The company also reported a smaller than expected loss of $344 million between March and June. Analysts projected a $440 million loss for AMC due to the Covid-19 pandemic that has hit all cinema chains across the world.
Meanwhile, the price of bitcoin has seen drastic swings over the recent weeks. The world’s number one digital currency was trading at $45,539 on Tuesday after crashing below $30,000 last month.
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