What happened
Movie theater chain AMC Entertainment Holdings (NYSE: AMC) made headlines in August when it announced it would start accepting Bitcoin (CRYPTO: BTC) for ticket sales and concessions. Today, AMC is making headlines again by announcing it will also support other cryptocurrencies (collectively referred to as altcoins). Specifically, it plans to support Bitcoin Cash (CRYPTO: BCH), Ethereum (CRYPTO: ETH), and Litecoin (CRYPTO: LTC).
As of noon EDT, AMC stock was only up 2% — quite a mild move for a stock that’s been volatile in 2021. Moreover, these cryptocurrencies weren’t making outsize moves, either. According to CoinDesk, Bitcoin is down less than 1% over the past 24 hours. In addition, Ethereum was up 2.5%, Bitcoin Cash was down 2%, and Litecoin was up 2.4%.
The disparity of these changes signals that the AMC announcement isn’t moving the cryptocurrency market today. But it’s worth taking a closer look at nonetheless.
Image source: Getty Images.
So what
AMC’s support of cryptocurrency began when it reported financial results for the second quarter of 2021. In the Aug. 9 conference call, CEO Adam Aron announced that “by year end, we will have the information technology systems in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S….
Read more:Altcoins Like Bitcoin Cash and Litecoin Were Thrust Into the Limelight by AMC Today
