World's Largest Cinema Chain AMC Theaters To Start Accepting Bitcoins

American movie theater chain AMC Theaters will begin accepting bitcoins for payment in 2022. This was reported inAMC CEO Adam Aron during a conference call Monday on Q2 financials.

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Aron said that the largest cinema chainintends to develop an infrastructure ready to accept bitcoins as a means of paying for movie tickets online by the end of 2021. He did not provide details, but stressed that the initiative comes from clients. It was the demand for payment with cryptocurrency that inspired the company to launch such a service. AMC Theaters operates 593 theaters in the US and 335 overseas.

In addition to accepting Bitcoin, AMC plans to add Apple Pay and Google Pay payments to all of its cinemas.

AMC had a severe pandemic the previous year.2021 turned out to be a happier year. The company reported revenue of $ 444 million for the second quarter of 2021. The same period in 2020 brought only $ 18.9 million. The losses also ceased to be so catastrophic. Last year, the coronavirus even made the movie theater chain think about bankruptcy.

But then social media users intervened andtriggered a sharp rise in the value of several stocks, including AMC. In January, investors from the Reddit forum WallStreetBets decided to support the cinema chain. Thanks to them, the company's shares have soared by 1600% since the year, from $2 to $34. Still, this is a powerful force in the market, because the community includes 3 million players with an average bill of $6,500, which corresponds to a total amount of assets under management of $19.5 billion. As a result, the cinema chain was able to place additional securities, raise funds and avoid bankruptcy .

Fully reopen the company cinemascould only at the end of June this year. AMC also announced plans to open more than ten new cinemas this year in the US, Europe and the Middle East.

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