AMC movie theaters are allowing people to pay for movie tickets and concession items (such as popcorn and other goodies) with bitcoin by the end of the year.
AMC Will Now Accept BTC
The movie theater chain made the announcement in a press release earlier in the week. Moviegoers will now be able to see their favorite films and catch up on the latest movie franchises by paying with the world’s number one digital currency by market cap.
This brings bitcoin closer to its primary goal of being used as a payment currency. The world’s number one digital asset – along with several of its altcoin cousins – was initially designed as a payment tool; something that could push checks, fiat currencies, and credit cards to the side and be utilized for paying goods and services.
However, this has been a slow journey given how volatile the currency has been. Bitcoin swings up and down like there’s no tomorrow. Sometimes it’s way up, sometimes it’s way down. We’ve been given a clear example of that over the past three months. Back in mid-April, the world’s primary form of crypto decided to upswing itself and jump into the mid-$60,000 range, marking a new all-time high for the asset.
From there, however, the currency began a series of long dips that ultimately took it below the $30,000 mark, thereby causing the currency to lose more than 50 percent of its overall value in roughly no time at all. Now, the currency is beginning to recover, moving back up to about $45,000 at press time.
While it is true that the currency is working to fix itself, there are still many businesses out there that are uncomfortable with bitcoin’s behavior and constant swings. Either way, very few retailers have said “yes” to crypto payments. Overstock.com and a few others have been privy to accepting bitcoin, but the feat is genuinely rare.
However, things appear to be changing now that AMC is willing to accept bitcoin for movie tickets and related items. This pushes bitcoin closer to mainstream and legitimate territory. It will no longer be seen as just a speculative tool or as a hedge tool of sorts. It can now be seen as a valid payment item that can potentially get people the products that they need to enjoy everyday life.
Learning a Lot About Blockchain
Adam Aron – the CEO of AMC movie theaters – says that he initially got started with a blockchain startup known as Centricus. It was this opportunity that got him involved with crypto and got him understanding the technology behind it. He was thus quick to allow crypto payments for his new company. He said in an interview:
I’ve had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that.