Global cinema chain AMC Entertainment has disclosed its intention to start accepting Bitcoin payments by the end of the year.
The entertainment conglomerate wants to adopt Bitcoin as a mode of payment, making it possible for customers to buy movie tickets with the digital asset at all its U.S. locations.
Speaking in the company’s second-quarter earnings call on Monday, AMC’s CEO Adam Aron stated:
We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.
AMC, which has 593 theatres in the US alone, is yet to specify what technology it would employ in processing the payments. However, the decision to accept Bitcoin has already had a positive impact on the company’s stock as it rose by 13.2% following the announcement.
Earlier this year, the price of AMC shares skyrocketed, thanks to the Reddit meme stock mania. This is arguably the motivation behind the company’s recent foray into the crypto space. It is worth mentioning that Bitcoin is not the only cryptocurrency that the firm is looking to adopt. It is also considering “other options with blockchain.”