AMC & Bitcoin, a Speculation Match Made in Heaven

  • AMC Entertainment aims to implement Bitcoin payment technology by the end of 2021.
  • AMC stock was favored by retail traders, who helped push the price by 1,500% this year.
  • The company has 593 theaters in the U.S and 335 internationally, with plans to expand further into the Middle East in 2021.

Business underdogs have created a new hysteria among Gen Z and millennial traders. Popular Reddit trading group WallStreetBets, favored stocks such as GME and AMC to obstruct the aggressive trading practices of hedge funds. AMC managed to avoid bankruptcy in 2021, gaining an influx of $917 million after the pandemic threatened their business.

AMC Plans to Accept Bitcoin

In a quarterly report hearing, AMC Entertainment’s CEO, Adam Aron, showed that the company is taking things in its stride. Specifically, AMC raised $1.25 billion in capital during the second quarter, boosting their liquidity to a record $2 million.

Aron emphasized that the company wants to participate in the “new burgeoning cryptocurrency economy,” which is a locus for post-covid entertainment users. During the Q2 earnings call on Monday, AMC announced plans to start accepting Bitcoin as a payment method by the end of 2021; it is not clear what technology will be used to implement this. AMC additionally hinted that it would be opening new locations in Europe, the U.S, and the Middle East through the course of 2021.

It is clear that AMC is thus following the growing innovative trend of Bitcoin payments as a means of resonating with new investors. However, skepticism about the plans have surfaced, with one Twitter user emphasizing that Bitcoin “isn’t for $20 payments.” The sentiment was widely echoed with one Twitter user, exclaiming that, “buying a $20 ticket in BTC now is like throwing away $2000 in the future.”

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