The world's largest cinema chain will start accepting cryptocurrency

The world’s largest cinema chain will start accepting cryptocurrency

The largest cinema chain AMC Entertainment will begin to accept several types of cryptocurrency as payment. The network’s director Adam Aron announced this in his Twitter account.

“Cryptocurrency enthusiasts, you probably know that AMC cinemas will be accepting bitcoins by the end of 2021. I can confirm today that when we do, we will similarly accept Ethereum, Litecoin, and Bitcoin Cash,” Adam Aron wrote.

It became known in August that the network’s most popular currency, Bitcoin, would be available to pay at movie theaters. The new payment option will be available by the end of this year. AMC is going to provide all of its cinemas with the necessary technology to accept cryptocurrency. Management of the network hopes that payment in digital coins will increase sales during the coronavirus pandemic.

Accepting cryptocurrency as payment will begin and American mortgage lender United Wholesale Mortgage. The company’s customers will be able to pay their mortgages in bitcoins by the end of 2021. Like the AMC cinema chain, the firm also hopes to accept other cryptocurrencies, including Ethereum.

However, experts question the viability of using cryptocurrencies in everyday transactions. “People aren’t buying bitcoins to spend them. To me, it’s still not a very established currency in the sense that it’s more of an investment for the future or something we might want to have in the future,” said Swissquote Bank senior analyst Ipek Ozkardeskaya.

El Salvador was the first country to accept bitcoin as legal tender. After that, the rate of the most popular cryptocurrency collapsed and protests began in the country. Citizens are worried about the high volatility of bitcoin, as well as the possibility that digital coins can be used for fraudulent transactions. The government of El Salvador promised that it will make the use of cryptocurrency safe and protect citizens from rate hikes. At the time of publication, bitcoin was worth $47,900.

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