A man walks past the AMC Georgetown 14 Theaters in Washington, DC on June 3, 2021.
Almond Ngan | AFP | Getty Images
AMC Entertainment announced Monday that it will accept Bitcoin as payment for movie tickets and concessions when purchased online in all of its US theaters.
CEO Adam Aron said during a conference call on Monday that the cinema chain will have the IT systems to accept the cryptocurrency as payment by the end of 2021.
The move marks a marriage of two highly speculative assets – Bitcoin, known for its wild volatility, and AMC, which has become a meme stock star favored by retailers on Reddit’s infamous WallStreetBets forum.
Bitcoin’s price has fluctuated dramatically in the past few weeks, last trading around $ 46,000 after falling below $ 30,000 last month. The recent rebound came amid optimism that a compromise on cryptocurrency will be included as part of the bipartisan infrastructure package. The Senate ultimately failed to move the deal forward.
Tesla had announced it would allow Bitcoin transactions, but stopped car purchases with the digital token in mid-May over concerns about how mining is contributing to climate change. CEO Elon Musk has since been positive about Bitcoin, saying that he plans to hold onto the coin for the long term.
AMC stock rose more than 4% in expanded trading on Monday after a better-than-feared earnings report was released. The company posted a smaller-than-expected loss in the second quarter, along with revenue that exceeded analysts’ estimates.
The stock rebounded nearly 1,500% this year as a group of retailers who coordinated trading on social media platforms managed to create a massive short squeeze in the stocks. The battered cinema was a popular short target with hedge funds and other actors.
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