AMC Entertainment will not only accept Bitcoin (BTC) payments for movie tickets by the end of 2022, but will also include other popular digital currencies in its crypto adoption policy.
AMC broadens crypto adoption plan
On Thursday, the company’s CEO, Adam Aron, tweeted plans for AMC to accept three other cryptocurrencies: Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
AMC initially revealed plans to accept Bitcoin payments for online movie tickets before the end of the year. At the time, Aron said moviegoers were eager to use crypto as a means of payment for tickets and concessions at AMC locations in the US. The AMC head also said the company was in the process of finalizing the necessary modalities
As was the case with the August announcement, Aron’s tweet revealing plans for a comprehensive crypto adoption agenda was also heavily criticized. This came mainly from proponents of Dogecoin (DOGE), as they had not included the popular “meme-coin”.
AMC accepting crypto is also part of an evolving trend. More and more prominent retail establishments are supporting cryptocurrency payments in the US.
The revival of AMC
The cinema operator’s crypto adoption plan comes amid a resurgence in sales figures after a difficult 2020. Amid the lockdown that was in place for most of 2020, AMC saw revenues decline. In addition, the financials for the second quarter of 2020 recorded only $18.9 million. In the second quarter of 2021, the cinema operator reportedly earned $444 million in revenue.
This sales increase also came amid a massive surge in the company’s stock price. AMC was one of the main protagonists in the r/Wallstreetbets group on Reddit during the short squeeze story at the start of the year.
At the time of writing, AMC stock is up more than 2,200% so far.
