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AMC to accept other cryptos along with bitcoin

Reuters Videos
Updated

Another step for the mainstream adoption of digital currencies. You’ll soon be able to use not just bitcoin but other cryptocurrencies as well to buy your movie tickets and concession items at AMC theaters.

Adam Aron, the CEO of AMC Entertainment, said in a tweet Wednesday the cinema chain will start accepting Ethereum, Litecoin and bitcoin cash in addition to bitcoin for online purchases by year-end.

The announcement comes just one month after AMC said it would start accepting bitcoin by the end of 2021.

Many big American companies are jumping on the crypto bandwagon even as environmental concerns grow over the consumption of energy to mine digital currencies.

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Analysts are also skeptical about day-to-day use, noting that people aren’t buying bitcoin to spend them.

El Salvador recently became the first country to adopt bitcoin as legal tender. But amid a bumpy rollout, people have protested against the move, saying the digital currency is not stable enough. On Wednesday, protestors in San Salvador vandalized a bitcoin ATM.

Shares of AMC, one of the so-called "meme stocks" embraced by the Robinhood crowd of retail investors, gained about one percent in early trading Thursday.