To further capitalize on those moviegoers who have embraced cryptocurrencies, troubled US movie theatre chain AMC Entertainment Holdings Inc. confirmed that, besides the already-announced bitcoin (BTC), it will be accepting payment in ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
This comes after the chain made waves in the cryptosphere last month when it stated it would allow customers to buy tickets and snacks with BTC by the end of this year.
Adam Aron, CEO of AMC, unveiled the plan in a recent tweet addressed to “[c]ryptocurrency enthusiasts”.
AMC “has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash,” the CEO said.
Last month, Aron shared his opinion that cryptocurrencies were on track to increase their importance in the coming years in a much-discussed tweet.
“If it remains safe and reliable to use, it would seem that crypto currency will get even more important in future years,” he said. “From reading your comments, I see that many of you are crypto enthusiasts. AMC is pleased to get out in front, by planning to accept payment online in bitcoin.”
Embracing crypto could provide the chain with the much-needed financial boost. AMC has managed to escape bankruptcy owing to a USD 917m cash infusion by the company’s investors. The business welcomed the new equity and debt capital, recognizing it “should allow the company to make it through this dark coronavirus-impacted winter.”
The CEO’s latest announcement has also triggered a number of positive reactions by crypto users on social media, with one particular group of cryptocurrency supporters voicing their demand that the company add a new crypto to the mix – specifically, the dogecoin (DOGE) community.
The issue of AMC’s notorious meme stock also resurfaced in the course of the debate.
At one point on September 15, the AMC stock went up to USD 47.7, then ended the day at USD 46.84. Its year-to-date change is 2,230%.
– All Roads Lead to Crypto and the AMC Meme Stock One May Too
– From Tulips and Scrips to Bitcoin and Meme Stocks – Speculating & Mania
– A Reddit Army Blurs The Line Between Crypto and Traditional Finance
– GameStop and Dogecoin Show How Memes Can Move Markets