AMC Theatres Expands Crypto Payment Options in Addition to Bitcoin

The world’s largest movie theater chain, AMC Theatres, increased the number of cryptocurrencies it will accept as payment options for its movie tickets by the end of 2021.

AMC Adds Ethereum, Litecoin, and Bitcoin Cash

The CEO of AMC Theatres, Adam Aron, announced the news via Twitter in the early hours of Thursday (September 16, 2021). According to Aron, customers will be able to use Ethereum (ETH), bitcoin cash (BCH), and Litecoin (LTC) to pay for movie tickets and concessions purchased online across the company’s theaters in the US.

The latest development comes a month after the entertainment giant revealed that it would accept bitcoin as a payment method by year-end 2021. During the company’s earnings call at the time, Aron said that the company is working towards getting an IT firm that would accept the crypto payments.

While most people commended the crypto adoption move by the firm, members of the Dogecoin community did not miss the opportunity to urge the AMC CEO to include DOGE among the payment options. According to some, including the meme token would be a boost for the company.

AMC Entertainment came into the limelight earlier in 2021, after retail traders and WallStreetBets Redditors organized to skyrocket the price of the company’s AMC stock, during the Gamestop frenzy back in January. While the price of the stock got to $46.84 by market close yesterday, down from its all-time high (ATH) of over $61, its year-to-date is over 2,100%.

Companies Rumored to Adopt Crypto for Payments

Bitcoin and other cryptocurrencies continue to gain widespread adoption across different sectors. Back in March, electric vehicle manufacturing company Tesla, announced that it was accepting BTC payment for its cars.

However, things changed when the company revealed that it was halting the new payment option. According to CEO Elon Musk, Tesla made the decision due to environmental concerns. Meanwhile, Musk said that the company will continue to hold bitcoin.

In August, the Chedi Andermatt Hotel, a five-star luxury hotel in Switzerland, also began accepting BTC and ETH as payment from guests paying bills from 200 Swiss francs. The hotel made the decision after considering the crypto option for four years.

While more institutions continue to support crypto payment, there have also been false reports of companies receiving cryptocurrency.

In July, London newspaper City A.M. reported that an anonymous Amazon Insider revealed that the e-commerce giant would enable bitcoin payment on its platform. However, the company came out to deny the speculation, stating that Amazon did not have such a plan, but said that it still had an interest in the crypto industry.

There was another rumor on September 13, this time a fake press release stating that retail giant Walmart, partnered with Litecoin to support LTC payment on its platform. The news was reported by some reputable outlets such as Bloomberg, CNBC, and Reuters, causing the altcoin’s price pumped to over $230 within minutes.

However, Walmart denied such claims, stating that the press release was not authentic. The company also said that it was communicating with the newswire company GlobeNewswire, where the news was published, to investigate the matter. The Walmart denial consequently plummeted the price of LTC.

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