It appears that AMC is not running out of profits this year as it now plans to allow US viewers to pay for movie tickets and sweets with Bitcoin (BTC) before the end of 2021.
According to the company's CEO, Adam Aron's announcement on Monday during an earnings call, the world's largest theater chain with more than 900 locations and millions of users in the US alone was actively implementing IT systems. to ensure that the planned launch on cryptocurrency payments was a success long before.
Acknowledging that the company had received many inquiries about cryptocurrency from shareholders, he nodded to have developed considerable interest in the field, which increased with his appointment to Cetricus, a SPAC aimed at acquiring several blockchain and quantum crypto companies.
“I had to learn more in the last six months about blockchain and cryptocurrencies than I have learned about it in the entire previous decade. This increased knowledge has given me the confidence to tell everyone today that AMC formally announces in this call that by the end of the year we will have the information technology systems to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our theaters in the United States, ”he said.
In the wake of this news, the price of Bitcoin skyrocketed reaching $ 45,500 as AMC's share price spiked to temporarily reach $ 36 before reversing. The $ 34 zone is now acting as a strong resistance for the stock, but it is expected to break out soon.
The colossal film company becomes one of the biggest players in the entertainment industry by openly embracing cryptocurrencies in its business model, setting a shocking precedent that could see more industry players follow suit.
This announcement marks the beginning of a partnership between two highly speculative assets, with AMC experiencing its even biggest rally in May, sparked by Reddit's notorious WallStreetBets forum that saw the company's shares soar with a gain of 390. % in a record eight days, months after the community ignited a similar bull run in January for Gamestop stock. Bitcoin, on the other hand, had just hit $ 64,800 in April, a few points below $ 65,000 after a 130% bull run this year.
In a recent report by Glassnode, a large number of institutional investors appear to be entering the crypto space and companies like Tesla are expected to resume accepting payments in Bitcoin once the 50% power consumption threshold is reached. Apple also appears to be loosening its position on cryptocurrencies, as Coinbase reportedly began allowing users to purchase cryptocurrencies using Apple Pay on Thursday.