AMC cinemas could accept bitcoins by 2021

By Raffaele Redi

Odeon owner could join giants such as Wikipedia and Paypal later this year

The AMC 25 and Regal Cinemas in New York                                 
AMC cinemas could soon be taking bitcoin as payment. Photo: Shutterstock.
                                

AMC could be the first US entertainment company to accept bitcoin and other cryptocurrencies. The Odeon owner said it would join giants such as Wikipedia and Paypal later in 2021.

"AMC is hereby formally announcing... that by year's end we will have the information technology systems in place to accept bitcoin,” said CEO Adam Aron.

The cinema chain said it was “navigating boldly amidst coronavirus waters” after seeing losses for the second quarter ending 30 June fall to $344m, compared with $561m in Q2 2020.

AMC posted liquidity availability of more than $2.0bn at the end of Q2, thanks to another $1.25bn of new equity capital.

“I've had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that,” CEO Adam Aron added during AMC second-quarter 2021 conference call.

More outlets taking cryptocurrency

When it comes to buying food and drink, the Bakkt App recently launched a partnership with industry and brand leaders including Starbucks, GolfNow, Best Buy, Choice Hotels and Fiserv.

“The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilise their value,” said Bakkt’s CEO Gavin Michael. The app aims to make all digital assets as liquid as any fiat currency.

Travel agent Alternative Airlines was an early adopter, accepting some cryptocurrencies as a way of payment at the end of 2019.

BTC/USD price history

Date Close Change Change(%) Open High Low
Aug 13, 2022 24757.95 346.25 1.42% 24411.70 24853.20 24348.70
Aug 12, 2022 24410.80 461.60 1.93% 23949.20 24462.45 23593.20
Aug 11, 2022 23949.05 -12.40 -0.05% 23961.45 24921.05 23870.05
Aug 10, 2022 23961.05 804.75 3.48% 23156.30 24226.70 22668.00
Aug 9, 2022 23156.45 -662.00 -2.78% 23818.45 23926.20 22870.80
Aug 8, 2022 23819.20 644.40 2.78% 23174.80 24247.45 23151.10
Aug 7, 2022 23174.45 206.90 0.90% 22967.55 23399.30 22861.95
Aug 6, 2022 22967.20 -356.15 -1.53% 23323.35 23361.05 22929.80
Aug 5, 2022 23323.45 698.90 3.09% 22624.55 23454.45 22593.20
Aug 4, 2022 22626.70 -198.75 -0.87% 22825.45 23235.05 22391.05
Aug 3, 2022 22826.70 -187.15 -0.81% 23013.85 23646.30 22692.20
Aug 2, 2022 23011.95 -264.75 -1.14% 23276.70 23462.45 22663.70
Aug 1, 2022 23277.05 -26.15 -0.11% 23303.20 23512.60 22854.20
Jul 31, 2022 23303.20 -348.60 -1.47% 23651.80 24195.05 23239.30
Jul 30, 2022 23651.95 -137.35 -0.58% 23789.30 24671.50 23618.80
Jul 29, 2022 23788.95 -68.50 -0.29% 23857.45 24445.95 23431.45
Jul 28, 2022 23857.70 897.00 3.91% 22960.70 24211.65 22594.95
Jul 27, 2022 22961.95 1704.00 8.02% 21257.95 23115.70 21043.70
Jul 26, 2022 21257.30 -56.40 -0.26% 21313.70 21342.95 20716.85
Jul 25, 2022 21314.80 -1272.40 -5.63% 22587.20 22670.95 21254.80

At around midday, according to CoinMarketCap, bitcoin was trading down 2.5% at $44,774 with a market cap of $841bn and a trading volume of $35.4bn in the past 24 hours. Circulating supply was at 18,783,756.00 BTC or 89%.

Further reading: AMC jumps on expectation-beating second-quarter results

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