Cinema chain AMC Entertainment will now accept bitcoin

As reported by RBC Crypto concerning CNBC, the operator of the world’s largest cinema chain, AMC Entertainment, is preparing to add the ability to sell movie tickets for bitcoins.

By 2021, online purchases will be able to accept cryptocurrency payments. The company anticipates that sales will rise during the pandemic.

AMC Entertainment operates over 1,000 screens in the US and Europe. But, AMC Entertainment lost $ 344 million during the second quarter. All cinemas were reopened at the end of June.

Adam Aron, CEO of AMC Entertainment, says that AMC plans on accepting Apple Pay and Google Pay into all of its cinemas. After the network’s quarterly reports had been published, he spoke. The network’s revenue increased by 19% during this period to $ 444.7million, exceeding expectations. In this environment, the stock rose by 7%.

The AMC stock gained 3012 percent in the past year. They traded at $ 2.01 at the beginning of January and reached $ 62.55 by June 2. On August 9, the NYSE closed at $33.8.

AMC almost became bankrupt due to quarantine restrictions in January. Numerous cinemas were shut down, and studios delayed their premieres. AMC was one of the stocks that saw a rise in value due to social media. This allowed the network to raise funds and avoid bankruptcy.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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