© Reuters. The world’s largest movie theater chain plans to accept bitcoin as payment
The world’s largest movie theater chain, AMC Theaters, will add as a payment option by the end of the year, said the organization’s CEO, Adam Aron. As such, the number of global brands adopting BTC continues to grow after recent announcements by Philipp Plein, Sheetz, Quiznos and other companies.
Founded in 1920, AMC Entertainment Holdings (NYSE:) is among the largest movie and theater chains in the world, with more than $1 billion in revenue last year.
During a earnings conference call on Monday, the organization announced its intention to begin accepting cryptocurrency as a means of payment by the end of the year. Customers will be able to purchase movie tickets at all theaters located in the United States.
It’s worth noting that AMC shares, which exploded in popularity earlier this year with the WallStreetBets saga, rose more than 4% on the Monday following the announcement and earnings call.
In drawing up plans to adopt cryptocurrency, the company has joined other prominent names in doing so in recent months.
After the market crash in March, the number of institutions adopting cryptocurrency as a protective hedge appears to have decreased, but it is possible that we will see more institutions adopting bitcoin as market rallies return.
According to the Bitcoin Treasuries website, about 7.9% of all existing bitcoins, valued at more than $75 billion, are owned by institutional investors.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.