Will AMC’s Decision to Accept Bitcoin Generate Crypto Momentum?
Some significant news in the cryptocurrency was finally made official recently, as theater juggernaut AMC announced that it would begin accepting Bitcoin by the end of 2021.
The theater chain will also begin accepting Apple Pay and Google Pay, though the Bitcoin announcement was obviously the star of the show when CEO Adam Aron hopped on the chain’s earnings call Monday.
He outlined a positive outlook regarding the organization’s entrance into the world of cryptocurrency, saying that, “we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvements with cryptocurrencies.”
Still, questions remain. There are certainly some about the logistics of using Bitcoin to purchase movie tickets and concessions, which will have to occur online, as well as about the currency’s high transaction fees — for example, a $10 bag of popcorn could cost $12.50 if a customer wants to use Bitcoin. Who shoulders that fee?
It also remains to be seen whether the chain’s decision will be one of many coming down the pipeline this year and beyond, as rumors have also swirled about Amazon beginning to accept Bitcoin, which would cause significant disruption in the market.
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