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Largest Cinema Chain to Accept Crypto Payments

AMC Entertainment, the cinema chain that has become one of the most popular stock memes among daily traders this year, tripled its revenues in the second quarter compared to the first three months of the year and announced the arrival of important news aimed primarily at small shareholders who have fueled the stock market rally in recent months.

 

According to CEO Adam Aron, as stated by the Wrap, AMC will begin deploying IT systems that allow payments in cryptocurrency, as well as Google Pay and Apple Pay, in all of its 593 US theatres by the end of the year..

 

AMC announced improvements to its theatres Friday night, including the adoption of bitcoin, a move intended directly at the army of Reddit investors who have piled into AMC stock in recent months, resulting in record gains. As a result, before the end of the year, AMC will be accepting bitcoin in its US locations. All of this comes in the wake of the investment community’s passion for cryptocurrency, and AMC is planning to create new offices as a result of the title’s popularity with meme stock fans.

 

Adam Aron, AMC’s CEO, used the earnings call to “speak out” to the company’s new shareholder base. Nearly a dozen retail investors and one Wall Street analyst emailed AMD’s CEO. The questions ranged from the viability of a drive-in (“a horrible business idea,” Aron stopped short) to whether the company would ever join with meme-stock company GameStop to offer gaming entertainment to AMC theatres; on the latter, the CEO opened the door to possible partnerships with Gamestop.