AMC CEO, Adam Aron has taken to Twitter to announce that the largest US theater chain will begin accepting Ethereum, Litecoin, and Bitcoin Cash in addition to Bitcoin.
Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
As reported by TheCryptoBasic, AMC Entertainment announced on August 10, that it will accept bitcoin for payment for movie tickets and concessions at all AMC U.S. theatres. Back then, Adam Aron also said that AMC would consider other crypto payment options other than BTC. Today AMC announced support for ETH, LTC, and BCH.
It is not clear how AMC will enable Bitcoin payments along with ETH, BCH and LTC. Reddit meme stock mania may have influenced the company’s decision to move to crypto. Earlier this year Reddit fueled meme stock mania led to an increase in AMC stock after it became the target of short-sellers.
During the August earnings call, Aron said that AMC will also accept payments through Apple Pay and Google Pay by the end of the year.
AMC is the biggest cinema chain worldwide with 1,004 cinemas, and 11,041 screens. In March, the company was able to reopen its theaters in New York and California, which are its most lucrative markets.
A growing number of companies are accepting bitcoin and other cryptocurrencies as payment, including PayPal Holdings, and Square Inc. Earlier this year, Tesla Inc caused a sensation after announcing that it would accept bitcoin for payments, then halted those plans in May after CEO Elon Musk raised concerns about the effects of BTC mining on the global energy use.