Adam Aron, the main leader of AMC Entertainment Holdings Inc, said that the theater chain will now accept Ethereum, Bitcoin Cash, and Litecoin apart from Bitcoin. They will now accept those cryptocurrencies for ticket purchases as digital coins are gaining momentum. They want to stay with the flow of the trend. Also, cryptocurrency is gaining mainstream treatment among the company and investors.
Aron said in a tweet, “Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we will similarly accept Ethereum, Litecoin, and Bitcoin Cash.”
In August, the company said that it would start accepting bitcoin, which is the world’s largest and most popular cryptocurrency. The price of bitcoin and ether is now down marginally. Lite was up by 1.7%. The shares of AMC on “meme-stocks’ were down at around 1% in premarket trading.
A user in the Reddit group r/cryptocurrency that discusses digital currency said, “While I don’t think this is going to make any of these coins do any parabolic movements as a result, to me this is just another awesome step in the global adoption of crypto as a whole.”
Many other big corporations in America are now jumping on the bandwagon of crypto. It is also raising concern over the impact of crypto mining on the environment. Crypto mining consumes a lot of energy.
Analysts have also raised questions about the viability of the day-to-day use of cryptocurrencies. The senior analyst at Swissquote Bank, Ipek Ozkadeskaya, said people are not buying bitcoin to spend. It is still a nicely established currency. It is more of an investment for the future that he may not want to have in the future.
El Salvador is the first country to adopt bitcoin as legal tender. It is facing a number of technical glitches on its digital platform, which is delaying the sign-up in its app.