This week, AMC Entertainment’s CEO Adam Aron announced on Twitter that the theater chain will allow customers to buy movie tickets and concessions with Ethereum, Litecoin and Bitcoin Cash — along with Bitcoin — by the end of the year.
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The move echoes an August earnings call from the company, where the AMC chief first unveiled that the cinema chain would accept Bitcoin and was working on the IT systems to accept cryptocurrency payments.
Buoyed by meme stock mania, AMC has garnered intense interest from retail traders during the pandemic. However, despite the popularity of Dogecoin among AMC meme stock investors, the cryptocurrency was not among those listed by the CEO for use later this year, sparking some complaints from AMC’s retail investors.
As the largest movie chain in the U.S., AMC’s embrace of cryptocurrency for payments is in line with the broader trend toward mainstreaming Bitcoin and other cryptocurrencies — despite volatility and an uncertain regulatory environment. This summer, Quiznos announced it was piloting a program in Colorado to allow customers to buy sandwiches through Bitcoin. Burger King Brazil likewise said it would accept Dogecoin for dog treats.
Last month, fintech giant PayPal also said it was exploring a stock-trading platform amid a surge in stock trading and crypto-trading.
There are still some impediments, however, to mainstream crypto adoption, ranging from a lack of trust to a lack of knowledge — the industry is still marred by a perception that cryptocurrency payments are “too complicated.”