- AMC will start accepting Bitcoin as payment for movie tickets in all its U.S theatres by the end of the year.
- During the announcement, AMC Entertainment CEO confirmed that the company’s new investors are “enthusiastic” about crypto.
On Monday, AMC Entertainment confirmed that it plans to accept Bitcoin as payment. On an investor call, CEO Adam Aron confirmed these plans saying that the technology systems to process Bitcoin payment is being set up and would be ready by the end of the year. The CEO further confirmed that the company’s new investors were “enthusiastic” about crypto. According to the announcement, once the system is working, customers will be able to pay for movie tickets across all U.S AMC theatres.
This comes at the back of controversy over Amazon’s accepting Bitcoin payments. Now confirmed as a rumour, AMC is now viewed as a major step in the mass adoption of Bitcoin. As such, the announcement has been celebrated by the crypto community.
AMC says they will accept Bitcoin by the end of the year.
— Pomp 🌪 (@APompliano) August 9, 2021
Some have viewed this as a move to encourage customers to go back to theatres after a challenging couple of months. Most theatres have been closed down due to the COVID-19 pandemic but as the country opens up, the industry is looking to get back to its feet.
Bitcoin price reaction
This announcement comes amidst a positive momentum in Bitcoin. In the last 24 hours, Bitcoin has gained roughly 5 percent climbing above $45,000. At the start of the week, there was a short scare after Bitcoin dipped below this, falling to the $43,000 range. But a quick rebound has reassured investors.
As Bitcoin crawls towards $50,000, popular analysts PlanB has shared his view on the next phase. The analyst who came up with the stock to flow (S2F) data chart model has noted that the $46,000 price is key to the next leg. Sharing a chart on his Twitter account, PlanB says that once the digital asset crosses $46,000, it will usher in the second leg of the bull market.
— PlanB (@100trillionUSD) August 9, 2021
His view has been echoed by Fundstrat’s Tom Lee who is still convinced that Bitcoin will hit $100,000 by the end of the year. In an interview with CNBC, the analysts noted;
A hundred thousand into year-end is pretty reasonable,
For a number of analysts including Anthony Pompliano, a $100,000 price target is not only achievable but fairly conservative. However, since BTC shaved around 50 percent of its gains, drifting from highs of $65,000 to lows of $30,000, investor confidence has been swaying. The $50,000 psychological position remains a key factor for Bitcoin to retest its ATH and reach $100,000 by the end of the year.