Good news for all the Bitcoin stashers. It is expected that AMC will accept Bitcoin as a payment by end of 2021. Since, Tesla’s move to stop accepting Bitcoin as payment, this might be the second-biggest move revolving around Bitcoin. AMC Entertainment revealed on Monday that Bitcoin will be accepted as payment for movie tickets and concessions if purchased online at all of its U.S. theaters. The CEO of AMC Theaters has announced that the company is working to introduce its BTC payment system by 2021. Company chief Adam Aron didn’t say how you’d make those payments, but research seems to be in process.
AMC will accept Bitcoin, but What does this move mean for AMC & Bitcoin?
The move strikes a union of 2 highly unpredictable assets bitcoin, thanks to its wild volatility, and AMC, which became a meme stock star favored by retail traders on Reddit’s infamous WallStreetBets forum. Many of AMC’s recently added shareholders seem quite enthusiastic about cryptocurrencies. The price of bitcoin has been fluctuating in recent weeks, last trading was around $46,000 after being traded under $30,000 the past month. This rebound hit amid optimism that a cryptocurrency compromise will be encompassed as part of the bipartisan infrastructure package. The Senate failed to advance the deal.
Shares of AMC managed to climb more than 4% in extended trading on Monday following a better-than-feared earnings report. The stock did rally nearly 1,500% this year as a band of retail traders who coordinated trades on social media platforms managed to create an enormous short squeeze in the shares. The struggling movie theater was an infamous momentary target among hedge funds and other players. The volatility of cryptocurrency remains an unpredictable variable. Bitcoin you just spent on tickets recently, might be worth enough to rent a whole theater just a few months later.
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