Monday’s earnings call by AMC featured discussions between the CEO and board members about cryptocurrency acceptance. AMC is the world’s largest movie theatre chain. It operates 7,967 screens in 620 theaters across the U.S., and 2,866 screens at 358 theatres in Europe. Adam Aron stated during the conference call that cryptocurrency was something he learned from his time on the Centricus Acquisition Corp Board.
Aron stated that he had learned more about blockchain and cryptocurrency in six months than he did in a decade. AMC CEO also added:
I am confident to inform you that AMC will be able to accept bitcoin by the end of the year.
Following the announcement, AMC shares started to climb, gaining a significant 3.36% during the last 24 hours, and AMC is also up a whopping 1,494% during the last 12 months. Wallstreetbets’ recent Wallstreetbets scandal is responsible for the AMC’s annual gains. Aron explained to the audience that the system must be online in order for people to purchase tickets and concessions using bitcoin.
AMC is looking to increase its revenue streams as shares are doing well. However, AMC was subject to 18 months of lockdown that closed down the entire AMC circuit. AMC reported that 91% of the U.S. theatre circuit was open for the public on March 26, just after some California theaters reopened.