Written by Nezwan Helmy
An announcement from AMC Theatres, the world’s largest movie theatre chain, has confirmed that it would begin accepting cryptocurrency payments in the not too distant future.
This was revealed in a tweet sent out earlier today by Adam Aron, the CEO of AMC Entertainment, who announced that the organisation is working on introducing support for Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), and Bitcoin Cash ($BCH) payments.
According to him, the company is now working on the digital infrastructure that will allow for the support of a variety of crypto payment ways by the end of 2021.
AMC Is Gradually Embracing Crypto
Initial cryptocurrency support was revealed by AMC on August 10 when it said that it intends to accept Bitcoin payments in all of its theatres throughout the United States.
Aside from that, the company said that it was looking into other blockchain-related opportunities. In response to this announcement, the AMC stock rose by 3 percent, according to reports.
The stock has gained more than 2,000 percent year to date as a result of a short squeeze imposed by retail traders earlier this year, showing that the general public can exert influence on large, centralised companies.
It is conceivable that the short squeeze had a role in AMC Entertainment’s decision to embrace bitcoin, despite the fact that the business has not publicly stated its motives for doing so.
Increasing Momentum of Crypto Adoption
Currently, BTC is selling around $45,000.00 up 1.7 percent in the past 24 hours, meanwhile ETH is up 6.7 percent to $3,500.00, while BCH is up 1.2 percent to trade around $650.00, LTC is the largest gainer of the four stocks, gaining 7 percent to trade at $200.00 per share, the highest price of the day.
Despite the fact that most nations’ regulations on cryptocurrencies are uncertain, the cryptocurrency industry has continued to grow across a wide range of industries.
The German luxury brand Philipp Plein, for example, became the first well-known fashion business to begin accepting cryptocurrency payments, including Bitcoin, Ethereum, and Dogecoin.
Sport has also played a significant part in increasing bitcoin adoption, with several clubs exposing their fans to cryptocurrencies by taking payments or generating tokens.
Nevertheless, Many Big Institutions Are In Doubt
Large corporations in the United States are rushing to get on the cryptocurrency bandwagon, despite growing concerns about the practice’s impact on the environment.
The practise, which involves mining digital currencies, consumes enormous amounts of electricity, and has raised concerns about the practice’s environmental impact.
The practicality of utilising cryptocurrencies on a day-to-day basis in daily life has also been questioned by several analysts.
Some said that Bitcoin is not being purchased by individuals in order to be spent. Instead of being an established currency, they believe it is still a developing currency in the sense that it is more of an investment for the future or for something that they may desire in the future than it is a well-established currency.
In the meantime, El Salvador, the world’s first country to recognise bitcoin as a legal tender, is still having significant technical problems with its digital wallet, which is forcing individuals who want to sign up for the app to be delayed in their efforts.