Bitcoin and Cinema – now a reality with this announcement
Bitcoin, the largest crypto, is enjoying its recent surge above the $45k mark with an incline of about 19% within a week. With the rise in price, institutional adoption increased as well. This time though, instead of big banks or financial firms adopting BTC, it’s the world of entertainment that’s taking a step towards adopting the asset.
AMC says it will accept bitcoin as payment for movie tickets by year-end https://t.co/oHmO6eUgcO
— CNBC (@CNBC) August 9, 2021
AMC Entertainment, the largest cinema chain in the world laid down its plans to accept Bitcoin (BTC) payments for movie tickets by 2022. During the company’s earnings call, AMC chairman and CEO Adam Aron spoke about creating infrastructure to cater to online payments. According to a transcript of the call, he stated:
“By year-end, we will have the information technology systems in place to accept bitcoin as payment for movie tickets and concessions if purchased online at all of our US theaters”
He acknowledged the strong demand for buying movie tickets with crypto from the firm’s customers. Aron added:
“We’re quite intrigued by the potentially lucrative business opportunity for AMC if we intelligently pursue further serious involvement with cryptocurrency,”
It’s been a bumpy journey for the institution. Not so long ago, the company was on the verge of filing for bankruptcy, with the cinema operator being forced to close venues as the global coronavirus pandemic spread. However, at the press time, AMC’s Q2 financial reports painted a completely different picture than last year.
Thanks to money raised in May and June, AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!
— Adam Aron (@CEOAdam) August 9, 2021