Theatergoers and crypto bulls, unite! The two parties are getting a big break for their respective camps with AMC Entertainment’s (NYSE:AMC) crossover into crypto payments. But today, AMC is growing its promise into something much larger. AMC stock fans should be as excited as Litecoin (CCC:LTC-USD), Ethereum (CCC:ETH-USD) and Bitcoin Cash (CCC:BCH-USD) fans are today.
In early August, AMC held its Q2 shareholder meeting, where it blew away analysts’ expectations. CEO Adam Aron also made a slew of huge promises to investors for the company’s short- and medium-term goals. Among those goals were plans to bring more live music and sports experiences to its theaters. Obviously, one of the biggest of these promises was the plan to institute Bitcoin (CCC:BTC-USD) payments at its theaters by 2021.
This news blew the minds of AMC investors. The retail crowd who has flocked to AMC stock since its initial short squeeze in early 2021, branded the Ape Army, are often entrenched in other areas of investing as well. These buyers oftentimes are holders of GameStop (NYSE:GME) stock and other meme plays, for example. But they’re also often crypto bulls. And when Aron made this promise to bridge the long and deeply entrenched gap between digital currency and the retail commerce world, it was huge news.
There are not many places where one can walk in and buy something with Bitcoin. To have a movie theater chain — which exists in nearly every town nationwide — accept Bitcoin is a completely new idea. Today, though, Aron is making an even bigger promise: AMC won’t accept just one crypto, but four.
AMC Stock Holders and Crypto Bulls Cheer Over CEO’s Crypto Promise
Adam Aron took to his Twitter profile to stoke the flames. Last night, Aron recalled his Bitcoin promise to investors, and added some new information; AMC will not only take Bitcoin before the end of the year, but it will also take Litecoin, Ethereum, and Bitcoin Cash.
The announcement opens up the door for more crypto holders to use their digital currencies. Given its huge price and its popularity as a store-of-value investment, many Bitcoin holders won’t want to buy anything at all with their holdings. However, Ethereum, Bitcoin Cash and Litecoin carry much smaller price tags to them and might be a little more attractive as a mode of transaction. In fact, Bitcoin Cash and Litecoin have branded themselves as transactional currencies for years, making them perfect candidates for the job.
This announcement isn’t doing much for AMC stock this morning; shares are up only about 1%. Ethereum and Litecoin values are up about 4% apiece. Bitcoin is trading largely sideways, while Bitcoin Cash has dropped a percentage point.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
This news is republished from another source. You can check the original article here