AMC plans to accept Bitcoin in theaters by the end of 2021

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Top line

During an earnings call on Monday, the CEO of AMC Entertainments said he would start accepting bitcoin for online ticket purchases and concessions by the end of the year, making it the first movie theater chain to accept cryptocurrency as a payment option.

DENVER, COLORADO – AUG 20: Movie buffs leave AMC Highlands Ranch 24 on August 20, 2020 at … [+] Highlands Ranch, Colorado. AMC Theaters reopened more than 100 of its theaters across the United States today, with new safety precautions in place, for the first time since it closed in March due to the coronavirus pandemic (COVID-19) . To celebrate its 100th anniversary, the world’s largest cinema chain welcomes its guests once again with a ‘Films in 2020 at 1920 prices’ promotion for one day by offering 15-cent tickets to classic and previously released films and films. $ 5 concession items. Starting August 21, older films will air for $ 5 a ticket. According to AMC, improved cleaning and safety protocols include disinfecting theaters before each performance, mandatory face coverings for employees and customers, improved air filtration systems where possible, and points of contact. bred cleaned throughout the day. Hand sanitizers and sanitizing wipes are available in all theaters, auditoriums have a capacity of 40% or less, and concession menus have been simplified for shorter queues and faster service. (Photo by Tom Cooper / Getty Images)

Getty Images Highlights

AMC Entertainments CEO Adam Aron said the technological 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 firm’s new investors were excited about the crypto.

However, Aron did not specify how the bitcoin transaction would work or what the buying process would look like for customers.

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

Forbes has contacted AMC Entertainment for more details.

Key context

Companies that accept bitcoin include PayPal and Starbucks through the Bakkt app, which converts cryptocurrency into payment, according to Business Insider. Tesla, which accepted bitcoin as a payment method earlier this year, finally stopped accepting it in May. However, Tesla CEO Elon Musk said in July that the company would likely resume accepting bitcoin once it verifies that the percentage of bitcoins in renewable energy use is most likely equal to or greater than 50. %. On Monday, the exchange price for a single bitcoin was around $ 46,000.

Large number

46 million. This is roughly the number of Americans who own at least a share of bitcoin, according to a study by the New York Digital Investment Group. This represents about 17% of the adult American population.

Further reading

$ 300 Billion Crypto Price Boom: Bitcoin Suddenly Rises To $ 50,000 As Ethereum, BNB, Cardano, XRP, Dogecoin, Uniswap Rise (Forbes)

BREAKING: $ 50 billion defense spending amendment kills pro-Bitcoin legislation, problematic original text goes to final vote (Forbes)

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