- AMC expects to add ether, litecoin, and bitcoin cash as payment for movie tickets and concessions by the end of 2021, CEO Adam Aron said Wednesday.
- In August, Aron said the theater chain will have the tech in place to accept bitcoin later this year.
- AMC’s share price is up more than 2,000% so far in 2021, largely driven by the meme-stock frenzy.
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Aron revealed the company’s plan to accept bitcoin at its US locations in August, and said AMC was exploring how else it could participate in the crypto economy.
“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept bitcoin for online ticket and concession payments by year-end 2021,” he said in a tweet Wednesday. “I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash.”
Many Twitter users responded by urging him to include dogecoin in the mix. One brought up the fake news release that said Walmart would allow shoppers to pay with litecoin, asking Aron whether he was really sure about the decision.
Bitcoin, the first token to be earmarked for acceptance by AMC, is the biggest cryptocurrency by market capitalization, while ether has shot up in popularity as its ethereum network is valued for its smart contract capabilities. Litecoin and bitcoin cash, by contrast, are less mainstream as they don’t get the same level of recognition from crypto enthusiasts.
Billionaire Mike Novogratz, one of the most vocal advocates for crypto, doesn’t seem to be a fan of litecoin. He said at the SALT Conference on Tuesday that news of the Walmart tie-up made no sense to him. “I scratched my head – like, who would buy litecoin and why?”
AMC’s shares are up more than 2,000% year-to-date since it became a Reddit darling on Wall Street Bets, the forum that entered the mainstream during January’s GameStop frenzy. The company has cashed in on the craze by selling more shares.
Bitcoin was last trading 0.6% higher at $US47,800 ($AU65,114). Ether was up 4.9% at $US3,600 ($AU4,904), litecoin rose 4.7% to $US191 ($AU260), and bitcoin cash rose 0.6% to $US640 ($AU872) on Thursday, according to data from CoinDesk.