In an announcement on Sept. 15, AMC Chief Executive Adam Aron said the firm would be expanding the number of cryptocurrencies it would accept as payment methods.
The entertainment giant originally announced that it would accept Bitcoin payments on Aug. 9.
Aron stated that by the time BTC payments are rolled out before the end of the year, AMC would also expect to accept Ethereum, Litecoin, and Bitcoin Cash.
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 similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
AMC Stock Climbing
During the company’s August earnings call, Aron also stated that customers will also be able to pay through Google Pay and Apple Pay by year’s end though neither of the tech monopolies supports crypto. At the time, he noted that many of the firm’s new retail investors were highly enthusiastic about cryptocurrency.
AMC shares surged when they became a meme stock favored by retail traders on Reddit’s infamous WallStreetBets forum earlier this year.
Share prices were up a whopping 2,242% since the beginning of the year when they traded at just $2. Over the past month, AMC stock has gained 37% to reach $46.86 as of the market close yesterday, according to Yahoo! Finance.
In early June, AMC stock surged to an all-time high of $62.55 before retreating 25% to current levels.
Crypto Markets Climbing
Crypto asset markets have moved higher during the morning’s Asian trading session. CoinGecko is reporting a 3% gain in total market capitalization, which has increased by $50 billion to reach $2.26 trillion at the time of writing.
Ethereum is currently leading the high cap pack with a gain of 8% on the day, taking prices to a weekly high of $3,675. ETH needs to clear resistance at the $3,900 level to make further significant gains, while on the downside, they should find support at $3,200.
Bitcoin has added 3% on the day to reach $48,260 at the time of writing, following a golden cross and trading at its highest level since the Sept. 7 market slump.
Litecoin has reacted to the AMC news with a 6% increase to reach $192, but there has been no move in BCH over the past 24 hours, which remains at $645.
Other crypto assets performing well at the moment include Uniswap gaining 8%, Avalanche surging 18%, and Polygon’s MATIC up 8% on the day.
Featured Image Courtesy of PeopleCom