Constantly increasing the presence of Bitcoin in the public space, is a significant growth factor for it. This is happening this time as well. The world’s biggest cinema brand decides to accept payments in BTC. It intends to do so later this year.
Quarterly report of AMC Entertainment
AMC Entertainment President and CEO Adam Aron, on August 9, presented the company’s quarterly report. In addition to the general turnover information, he also presented plans for the near future. One of them is to launch Bitcoin payment capabilities in the theaters it manages. Although the details of the project remain secret, there was a declaration about the date of introduction of this innovation. It is supposed to take place before the end of 2021.
As a result of this information, AMC shares rose by over 4% on the same day. In the report there were also a number of positive data indicating that the company is recovering from the difficult situation it experienced during the Covidian lockdown.
By comparison, AMC Entertainment reported revenue of $18.9 million in the second quarter of 2020, only to report revenues of $444 million a year later, also for the second quarter. This is very good news for the company, its investors, and also quite promising for the Bitcoin market.
AMC Entertainment in numbers
It is worth noting the data that accompanies AMC Entertainment. In the United States alone, the company has 620 theaters, which in turn represent a total of 7967 screens. It is also widely present in the European Union, where there are 358 cinemas with a total of 2866 screens. Importantly, AMC’s market expansion continues. During the presentation of the report, Aron announced that it plans to open several more facilities in the US, Europe and the Middle East.
Why this is so important for the cryptocurrency market
Bitcoin is a global means of payment that is still used by a fairly small percentage of the population. For its adoption to progress, its increasing presence in the public space is essential. This gives it the opportunity to benefit from its natural properties, and also causes more and more people to notice it and, importantly, to take it seriously. Moreover, the AMC cinema chain, as the numbers show, is the largest chain in the world. Its implementation of innovation can increase its competitive advantage. This one cannot be left behind. Therefore, the adoption of Bitcoin payments by AMC Entertainment has the right to become an inflammatory factor for its market rivals as well. Such a domino effect would have the right to accelerate the global adoption of the king of cryptocurrencies.