AMC Plans To Accept Bitcoin At Movie Theaters By The End Of 2021 - Forbes

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Topline

In an earnings call Monday, AMC Entertainment’s CEO said it will start accepting bitcoin for online ticket and concession purchases by the end of the year, which would make it the first theater chain to accept cryptocurrency as a payment option.

Key Facts

AMC Entertainment’s CEO Adam Aron said the technology systems to process bitcoin payments would be in place by the end of the year, CNBC reports.

Yahoo Finance said Aron also mentioned in the earnings call that the company’s new investors were “enthusiastic” about crypto.

However, Aron did not detail how the bitcoin transaction would work or what the purchasing process would be like for customers.

Aron also said AMC theaters will start accepting Google Pay and Apple Pay.

Forbes has reached out to AMC Entertainment for more details.

Key Background

Companies that accept bitcoin include PayPal and Starbucks through the Bakkt app, which converts cryptocurrency into payment, according to the Business Insider. Tesla, which accepted bitcoin as payment earlier this year, eventually halted accepting it in May. However, Tesla’s CEO Elon Musk said in July the company will likely start accepting bitcoin again once it checks that bitcoin’s “percentage of renewable energy usage is most likely at or above 50%.” As of Monday, the trading price of a single bitcoin amounted to around $46,000.

Big Number

46 million. That’s approximately how many Americans own at least one share of bitcoin, according to a study by the New York Digital Investment Group. That amounts to about 17% of the U.S. adult population.