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AMC theatres accept cryptos as payment

US Theatre chain AMC announced that it will accept payment in many cryptocurrencies until the end of this year.

Even as the SEC is moving fast towards stricter regulations on digital currencies, these remain a trend. More companies are starting to take them as a payment method for services and products in the US and other countries. Companies like Paypal are already accepting crypto for payments in their e-commerce operations.

The latest company to announce a move in this direction is AMC, a popular theater chain in the United States. Adam Aron, AMC’s CEO, announced in a tweet late Wednesday that crypto enthusiasts may start using crypto to pay for a trip to the movies in the short term and that bitcoin won’t be the only form of payment they will begin accepting.

Bitcoin Cash, Ethereum, and Litecoin will join the list of cryptocurrencies accepted by the theater chain by the end of 2021. AMC is expected to gain from the announcement as a popular stock with retail investors, and trading volume should be healthy in the upcoming days.

Ethereum and Litecoin experienced movement after the announcement, with the former presenting an increase of more than 6% to $3,630 and the latter increasing 3.8% to $190. However, Bitcoin and its derivative Bitcoin cash saw little to no movement during the day and after the announcement.

This move is positive for crypto bulls and experts towards better acceptance of digital currencies; however, it remains a small step. Until now, primarily tech-related companies have made this move, starting with Tesla accepting bitcoin for purchases a couple of months ago.

AMC’s popularity with retail investors has caused the stock to rise meteorically this year, as it started around $2 and now trades for approximately $47. This means an astounding increase in value of more than 2000% yearly. Enthusiastic investors are expected to start pouring in and purchasing the stock as this innovation kicks in.

Would you pay to go to the movies with crypto? Let us know in the comments below.

For more information on the Markets, read our Market Insights section at FlexInvest Academy.

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