AMC accepting Bitcoin? What you need to know about the news of the lifting of AMC shares

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CEO Adam Aron and the folks at AMC Entertainment (NYSE: AMC) certainly know how to get retail investors excited. The cinema chain has just announced a turnover in the second quarter higher than expectations. However, AMC’s stock market history is more than that. As InvestorPlace Associate Editor Brenden Rearick pointed out, the news that AMC accepts Bitcoin (CCC: BTC-USD) is generating buzz.

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So what do you need to know

More importantly, this was a key call for AMC Entertainment. The company posted earnings above estimates, as well as lower than expected losses per share. Most importantly, the company engaged directly with shareholders prior to the event, soliciting questions from retail investors.

This shows that the first half has been huge for AMC. The movie theater chain has battled the impacts of Covid-19, fought debt and has become the star of a gripping story in the market about short cutbacks. Along the way, AMC and its CEO have embraced retail investors.

With that in mind, Aron today shared the big news that AMC will accept Bitcoin as a payment method by the end of this year. He said the company will accept BTC on all US sites. On top of that, he also shared that he would accept Google Pay and Apple Pay for online purchases.

While it doesn’t have a lot of specifics, it clearly tickled retail investors. Another big announcement from the call is that AMC is working on some sort of partnership with GameStop (NYSE: GME), such as an indoor gaming event.

What you need to know about AMC accepting Bitcoin

At this time, there aren’t many details on the latest AMC stock news. However, this comes at a key time for Bitcoin and other cryptocurrencies. Just as the results call began, the Senate rejected a compromise that would clarify a new crypto transaction tax proposal.

But beyond that, it also comes at a time when companies like AMC are keen to respond to retail investors. Adopting Bitcoin… and partnering with GameStop… are two great ways to do it.

So what’s the bottom line? It is not yet known what exactly will become of this news, but it may not be the end of the AMC-crypto story. Earlier this summer, Elon Musk signaled his support for AMC to start accepting Dogecoin (CCC: DOGE-USD).

Learn more about AMC stock and its Q2 report here.

As of the publication date, Sarah Smith does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

Sarah Smith is Today’s Market Editor at InvestorPlace.com.

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