AMC, theatres whose shares have appreciated significantly in 2021, is rumoured to be starting to accept Bitcoin.
It is rumoured that AMC will start accepting Bitcoin as a means of payment to buy tickets when watching movies.
AMC Cinemas Bitcoin Adoption Plan
Adam Aron, CEO of AMC, has spread the word that his theatres will officially adopt Bitcoin as a means of payment.
According to him, this step was taken due to many requests from consumers and supporters of AMC Cinema.
AMC Entertainment is one of the largest cinemas in America and has been around since 1920. However, this cinema has only just gained fame in 2021.
The fame is due to the many new investors trying to push the stock price of AMC to create a recent phenomenon.
All of this coordination of buying impulses seems to have occurred through Reddit, which a few months ago had experienced a lot of interest, especially from young investors.
This announcement happened when Aron made a speech at a company meeting regarding the results of the 2021 second quarter performance.
It is currently rumoured that AMC will establish a solid infrastructure to accommodate payments with Bitcoin.
According to a statement circulating, AMC plans to accept Bitcoin around the end of 2021 to early 2022.
This move occurred due to consumer demand, which also pushed AMC’s performance up significantly in the second quarter of 2021.
It was noted that AMC’s revenue experienced a significant appreciation compared to last year, which was an increase of 2,249.2%.
Currently, AMC is also rumoured to be starting its business expansion to several other countries, including countries in Europe and the Middle East.
Performance Continues to Rising
This adoption also seems strongly supported by the AMC CEO’s interest in Bitcoin. Currently, the CEO of AMC is part of the Centricus Blockchain Technology (Arctic) board.
So it’s only natural that the CEO of AMC pushes Bitcoin adoption further, given the current depth of its realm in the crypto world.
It seems that this adoption is also driven by AMC’s performance, which continues to rise even though it was already on the verge of bankruptcy.
The condition of approaching bankruptcy was also driven by the number of cinemas being forced to close by the government due to Covid-19.
However, the current condition is improving due to the reshuffle and some encouragement from young investors that moved the AMC price up.
It seems that the urge is not just looking for a new phenomenon but also a reflection of the loyalty of the younger generation to the cinema.
Young investors via Reddit managed to team up and push the AMC price up to 900% in January 2021.
To date, the stock has gained more than 1,200% and is likely to go higher with the news of Bitcoin adoption.
This news can also be a positive sentiment for Bitcoin as it reflects the increasing adoption of crypto usage.
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