TL;DR Breakdown
- AMC theatres to accept Bitcoin by 2022.
- Bitcoin to be accepted across all its theatres
Leading entertainment company with the largest movie theater globally, AMC Theatres has set jubilation in the cryptocurrency space as it disclosed its decision to start receiving Bitcoin from next year.
Adam Aron, Chief Executive Officer of AMC Entertainment Holdings Inc, announced this move during the company earnings call, saying AMC theaters will have the necessary technology to accept bitcoin as a form of payment by 2022.
According to the announcement, customers will be able to buy movie tickets using Bitcoin as payment once rolled out. AMC further noted that the purchase of movie tickets using Bitcoin would be strictly online and not at the theatre locations.
AMC theatres boss also revealed that the company decided to add support for the top digital currency by market cap due to user’s demand. He revealed that the theater franchise is joining other multinational companies to adopt Bitcoin as a form of payment because of customers’ requests.
Additionally, in his statement, Adam also indicated that he discovered and learned of cryptocurrency potential after being elected to the board of Centricus Acquisition months ago. Coincidentally, just a week before, Centricus purchased blockchain technology firm Arqit.
AMC theatres worldwide to accept Bitcoin
The U.S.-based cinema operator also said that, unlike other firms that will have to choose to run minor or lesser tests while adopting cryptocurrency in localized markets, the AMC would, however, go big, bringing Bitcoin to all of its theatres globally.
In addition to rolling out massive support for the king of cryptos, AMC also revealed plans to unveil theaters in more than a dozen locations across the United States, Europe, and the Middle East at the end of this year.
Meanwhile, it is important to note that multinational corporations continue to declare their support for digital currency. Most recently, Quiznos, a national quick-service restaurant (QSR), has announced a new service allowing customers to pay with bitcoin at select locations.
Quiznos partnered with digital asset marketplace Bakkt Holdings to roll out the offerings. Sheela Zemlin, CRO at Bakkt, said the adoption of Bitcoin was an exciting moment for the firm as they connect the next-generation customer experiences to the digital economy.
It is worth noting that Bitcoin rose to a three-month high yesterday following a price surge that built on impressive gains over the last few weeks. The top digital asset reached $46,637 on Monday, according to CoinGecko, before falling back below $46,000 this morning and is still up by more than 50 percent since crashing below $30,000 in late July.
