Osato Avan-Nomayo at Cointelegraph reports this morning that movie retail chain AMC is going to allow for a range of cryptocurrencies as payment options for ticket buyers.
In addition to Bitcoin (originally created by Satoshi Nakamoto as the first real cryptocurrency,) Avan-Nomayo indicates AMC will also plan to accept Ethereum, Litecoin and Bitcoin Cash (BCH), another crypto coin resulting from a historic hard fork in the BTC blockchain.
“AMC accepting crypto is also part of a developing trend that has seen prominent retail establishments enabling support for cryptocurrency payments across the United States,” Avan-Nomayo writes. “The cinema operator’s crypto adoption plan comes amid a resurgence in revenue figures after a difficult 2020.”
Avan-Nomayo reports CEO Adam Aron says he believes some moviegoers are “eager” to use cryptocurrency in this context.
To date, Bitcoin has increasingly become viewed as an investment vehicle and a store of value, rather than something that people use to make small payments to merchants. However, moves like these by AMC may change the calculus on how Bitcoin is used in the years ahead.
As for AMC, the company’s stock has been on a roller-coaster ride as analysts identify the company’s equity as a “meme stock” involved in a tug-of-war between hedge fund managers shorting the company, and retail investors colloquially called “apes” who are holding on to try for a short squeeze.
AMC started by spiking to around $60 just under a couple of months ago, then slowly sinking down toward the $30 mark before reversing course and cresting up to above $50 in past trading sessions.
Right now, the equity is fighting around the $47 mark.
That means there’s been a lot of capacity for gains and losses on both sides over the past few weeks.
Some experts suggest that AMC’s ability to raise cash by diluting shares has been constrained by the apes, while others suggest that by holding the float, the apes saved AMC from bankruptcy and a dwindling stock price.
As for BTC, the per-coin value is right around $48,000 this morning. Will pure plays save BTC? What do you think?
