Now that you can’t buy some things you need, you may be wondering what to do with your Bitcoin stash. It might be time to see a movie on the big screen. According to CNN, AMC has stated that by the end of 2021, all US theaters would accept Bitcoin as payment for tickets and snacks.
The company’s CEO, Adam Aron, didn’t explain how those payments will be made, but he did say that AMC was looking into other methods to join the “burgeoning cryptocurrency environment.”
By the end of the year, American theaters should be able to accept Apple Pay and Google Pay for online transactions, including tickets into theatres, according to Aron.
The AMC chief explained his decision as a result of his time on the board of Centricus Acquisition Corp, a contractor for blockchain startup Arquit.
And, yes, the Reddit meme stock frenzy played a part — Aaron is aware that many of AMC’s newly added shareholders are “quite enthusiastic” about cryptocurrencies.
To put it another way, he hopes that the tech enthusiasts who boosted his company’s stock value will become regular customers.
The question of whether or not this is a viable concept remains unanswered. According to Gizmodo, cryptocurrency transaction fees can be high, and you may have to pay an additional fee for that already expensive soda.
The volatility of cryptocurrency is still an issue. The Bitcoin you spend on tickets one day may be worth enough to rent out an entire theater a few months later. AMC would have to figure out how to deal with the uncertainty without negatively impacting its bottom line.