Movie theatre chain AMC plans to accept Bitcoin by end of 2021

CEO Adam Aron stated that the movie theatre company plans to accept Bitcoin for online ticket and concession purchases in the world’s largest economy by the end of the year.

Movie theatre chain AMC plans to accept Bitcoin by end of 2021

CEO Adam Aron stated that the movie theatre company plans to accept Bitcoin for online ticket and concession purchases in the world’s largest economy by the end of the year.

AMC recently reported stronger-than-expected financial results for the second quarter. Aaron ran through a string of new initiatives on the call with hundreds of investors on the line, some of which, like the Bitcoin gambit, sounded like either wish lists or attempts to convince chat-room investors that the two sides are on the same page.

Aaron noted that many of his company's new retail investors are extremely enthusiastic about cryptocurrency, a trend he has warmly embraced in the past couple of years.

In addition, he revealed that he came into contact with crypto through his work on the board of Centricus Acquisition co., a SPAC (special purpose acquisition company) set up by one of his closest European friends, Manfredi Lefebvre d'Ovidio, chairman of Silversea Cruises (Over two decades of friendship).

Centrus acquired a firm called Arqit, which Aron described as being "at the forefront of quantum encryption and blockchain technology."

Aaron also announced that AMC will now accept Apple Pay and Google Pay.

A band of retail traders who coordinated trades on social media platforms helped create a massive short squeeze in the shares this year, resulting in a nearly 1,500% gain for the stock this year. Hedge funds and others were keen on shorting the struggling movie theater.

Besides PayPal and Starbucks, which accept bitcoin via the Bakkt app, which converts cryptocurrencies into payment. Tesla stopped accepting bitcoin in May after accepting it earlier this year.

Nonetheless, Tesla's CEO Elon Musk stated in July the company will likely start accepting bitcoin again once it confirms that bitcoin uses "at least 50% renewable energy." As of Tuesday morning, the bitcoin price was around $46,000.