Bitcoin is favored by investors due to its ability to act as a store of value. However, technical experts claim that within a decade blockchain technology will become a necessary basis for settling all financial transactions. Many corporations have come forward with plans to accept Bitcoin as payment for their products and services in the current year.
AMC cinema, the biggest movie screening giant in the United States is now moving forward with this plan as well. The cinema operator has told the public that they will start accepting Bitcoin as payment for their tickets by 2022. This announcement was introduced by the CEO and Chairperson of AMC Group Adam Aron. He was addressing the company stakeholders after a briefing of the Q2 profits.
AMC CEO Claims that Demand for Crypto Payments is Increasing
Speaking on the matter of crypto payments, Adam Aron, CEO of the AMC group, claimed that customers using cryptocurrencies and wanting to have avenues for spending their investment are increasing. He emphasized that his corporation has received requests for enabling ticket payment for Cinema with the help of cryptocurrencies.
Aron also informed that the cinema service provider is working on the necessary infrastructure construction for the time being. He remarked that users will be able to pay for tickets online with their Bitcoin holdings. He also claimed that the preparations for the said features are likely to be completed by the end of the year and available to consumers at the start of 2022.
Coronavirus pandemic has affected many businesses. Movie theaters and cinema houses are among the businesses that have taken the biggest hit. The Q2 report of the AMC also reflects that the company is looking at bankruptcy. The net losses of the firm declined from $561 million to $349 million in a year. On the other hand, annual profits declined from $444 million to $18.9 million.
Many believe that with the help of the Bitcoin payments option the company is trying to market its services among the young generation once again. In addition, AMC’s CEO revealed that they are planning to open up new theaters in 12 new locations based in the USA, Europe, and the Middle East before 2022 arrives.