© Reuters. FILE PHOTO: A representation of the cryptocurrency bitcoin is shown in this illustration taken on August 6, 2021. REUTERS/Dado Ruvik/Illustration/file photo
(Reuters) – Adam Aaron, president of AMC Entertainment Holdings Inc, said the theater chain will accept ether, bitcoin cash and litecoin along with bitcoin to buy tickets, as cryptocurrencies gain traction among investors and businesses.
“Crypto Enthusiasts: You probably know AMCTheatres has announced that we will accept online ticket payments and franchises by the end of 2021. I can confirm today that when we do, we also anticipate that we will reciprocate,” tweeted https://twitter.com/ CEOAdam/status/1438298684266098688 on Wednesday.
The company said in August that it will begin accepting bitcoin, the most popular cryptocurrency, by the end of the year.
Bitcoin and Ether prices are down slightly, while Litecoin is up 1.7%. Shares of AMC, one of the so-called “meme stocks,” fell about 1% in pre-market trading.
“While I don’t think this will make any of these coins make any equivalent moves as a result, this is just another great step in the global adoption of cryptocurrencies as a whole,” said one user on the Reddit group r/cryptocurrency discussing digital currencies.
Many major corporations in America are jumping on the cryptocurrency bandwagon even as concerns about the environmental impact grow because “mining” cryptocurrency consumes huge amounts of energy.
Analysts have also raised questions about the feasibility of daily use of cryptocurrencies.
“People are not buying Bitcoin to spend it. For me, it is still a very volatile currency in the sense that it is more of an investment for the future or for something we might want to own in the future,” said Ipek Ozkardeskaya, chief analyst at Swissquote Bank.
El Salvador, the first country to adopt bitcoin as a legal currency, is facing a number of technical loopholes in its digital wallet that are delaying sign up for the app.
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