AMC plans to take a landmark step by accepting cryptocurrency as soon as this year in its American cinemas.
AMC has announced that it will become the first cinema chain to accept cryptocurrency, with technological processes being put into place to ensure that if you want to, in the US chain, you could pay for a future cinema outing with Bitcoin. Whilst some companies such as PayPal and Starbucks currently accept Bitcoin, others such as Tesla have halted its use, meaning that AMC’s announcement it intends to start accepting cryptocurrency comes rather out of the blue.
With approximately 17% of the US population owning some share of a Bitcoin (if you believe those stats), you can see AMC’s logic. That’s a lot of potential customers that AMC could be opening the door to. Whether other cinema chains follow suit, remains to be seen.
It will also be interesting to see if consumers choose to use the currency. Currently trading somewhere around the mid-$40k mark for a single Bitcoin, there’s little danger that anybody will drop down an entire Bitcoin on a ticket for the latest Fast & Furious movie, only to realise that had they saved themselves a trip to the movies, they could have afforded a small island just a few years later. Still, with the value of Bitcoin being so volatile, we’ll see just how many customers choose to use it over further investment.
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