In response to customer demand, AMC Chairman and CEO Adam Aron announced that the American cinema company is exploring the possibility of accepting Bitcoin payments for movie tickets.
AMC plans to accept Bitcoin payments for movie tickets by 2022, according to its chairman and CEO, Adam Aron. In response to customer demand, the American theatre giant is looking into accepting Bitcoin payments for movie tickets by 2022.
AMC chairman and CEO Adam Aron stated on a conference call on August 9 to discuss the company’s second-quarter results, which were released earlier that day, that the cinema chain expects to have the infrastructure in place to accept Bitcoin payments for online movie tickets by the end of 2021.
While there are little specifics about AMC’s plans to accept Bitcoin, Aron has claimed that the company’s consumers have expressed a great interest in purchasing movie tickets using cryptocurrency.
AMC’s second-quarter results showed considerable improvements over the same period last year, with $444 million in sales reported as opposed to $18.9 million in revenue in the same quarter last year. Net losses decreased as well, falling from $561 million, or $5.38 per share, to $349 million, or $0.71 per share, year on year, according to the company.
AMC has announced plans to establish more than a dozen new sites in the United States, Europe, and the Middle East this year, in addition to accepting Bitcoin payments at their stores.
On top of that, on May 6, after being elected to the board of directors of Centricus Acquisition Corp. — one week before Centricus bought blockchain technology startup Arqit — the chairman asserted that he was the first person to hear about cryptocurrency assets.
AMC’s strong second-quarter results came less than a year after the company appeared to be on the verge of going bankrupt after being forced to close theatres as the global coronavirus outbreak spread.
The stock of AMC increased by more than 900 percent during January as a result of a rally by the Wallstreetbets pump-and-dump group, which is known for its Reddit-based pump-and-dump activity.
Accordig to TradingView data, the price of AMC stock has risen by more than 1,200 percent year-to-date, having risen from approximately $2.60 to $34 as of the time of this writing.
