AMC Entertainment Holdings Inc. will now accept cryptocurrencies beyond Bitcoin and all cryptocurrency enthusiasts must praise the company’s initiative. The American movie theatre chain has the largest share of the United States theatre market so it can be assumed that it kind of acts like a trendsetter in the market for other market players to follow. This is the rise of the digital currency’s adoption in the world, and with every change that happens, no matter how big or small, the crypto exchanges around the globe see the mountains forming on the screens with highs and lows alike.
So, now if you don’t want to own or spend Bitcoins and you would sincerely like to pay for movie tickets with cryptocurrency, AMC has your back. Adam Aron, Chief Executive Officer of AMC Entertainment Holdings announces that AMC theatres will now accept Bitcoin Cash, Litecoin, and Ethereum as cryptocurrency payments along with previously allowed Bitcoin.
As mentioned in a report by Engadget, meme stock frenzy was the main reason behind this decision from earlier this year. The company is willing to bet that technology fans will look forward to translating their enthusiasm for AMC stocks to doing business at its theatres.
This is a big initiative taken by the theatre hotshot as it will drive the adoption and acceptance of cryptocurrency around the world. It will add to the digital currency’s credibility in the market and push cryptocurrencies towards stability.
It is not just AMC; PayPal has also helped lead the prospects of cryptocurrencies being used more frequently. The financial technology company had made it relatively easy to hold and use cryptocurrencies and virtual money in general, as noted by Engadget. However, if you should still consider the downsides of using cryptocurrencies like liquid cash.
The first one is transactional tax which is extremely high and the second one is the cryptocurrency’s volatility in the market. After all, it only takes one tweet from Tesla CEO Elon Musk to change the behavior of the graphs.
Anyhow, the demand for cryptocurrency acceptance in the market is increasing day-by-day but the risk is not worth in my opinion. Today, the demand is not that much, and tomorrow depending only on companies like AMC and PayPal who are opening these options for consumers.
I think you should hold on to whatever cryptocurrency you have and sell it only when it is at its highest peak. If you spend your volatile cryptocurrency on movie tickets, you never know how much potential money you are spending to buy a movie ticket. If the value of your cryptocurrency today is, say $2, tomorrow it can be $4, and this difference of $2 could be saved.
Well, Do let us know what you think because your opinions are the voice of TechStory.