The narrative of bitcoin “day-to-day life” is changing every minute and has both positive (in long term for sure) and negative (at least in short term) news .
While there is a full range of critical news from US regulators about BTC, there is another side of positive world-wide adoption. So it looks like rather sooner than later anyone will be able to purchase Theater and Movie tickets for cryptocurrencies and bitcoin in a particular 🙂 We’ll definitey see it very soon…
AMC Entertainment Holdings CEO Adam Aron said during an earnings call on Monday that the movie theatre chain plans to start accepting bitcoin as payment by the end of 2021.
“Many of our new shareholders are also quite enthusiastic about cryptocurrency,” he said on the call. “By year end, we will have the information and technology systems in place to accept bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theaters.”
“We are also in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe and we’re quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency,” he said, adding that more details would be shared in the future once plans materialize.
The company also announced its second quarter 2021 results, calling the time “transformational” for the business facing challenges during the pandemic. The company raised another $1.25 billion USD of new equity capital in the quarter, boosting its quarter liquidity to over $2 billion USD.
As of June 30, 2021, AMC operated 593 domestic theaters and 335 international theaters. The majority of global operations were suspended for the first two months of the second quarter and did not reopen until early June, the report said.
“Thanks to increased vaccination counts in the countries we serve, we started to see rising movie going demand, and we safely welcomed more than 22 million guests back to our theaters across the globe during the course of the second quarter,” the company added.
According to CNBC, AMC shares climbed over 4 percent in extended trading on Monday following the news. The company has been deemed a meme stock made popular by Reddit‘s r/wallstreetbets, though its share price has experienced wild fluctuations in recent months.
With Bitcoin’s price surging 16.6% in just the past week, bulls are back with their predictions. Even as BTC’s price had risen to $45,780 at the time of writing, Thomas Lee, who is the founder of Fundstrat Global Advisors, expects it to go up to $100,000 by the end of this year.
In a recent interview with CNBC, the American investor opined that once the Covid-19 Delta-peak had subsided, not just Bitcoin but the whole financial industry will experience a booming recovery in an “everything rally” as investors gain clarity on the economy’s trajectory. As for the fate of the largest cryptocurrency asset, Lee had this to say:
“A hundred thousand into year-end is pretty reasonable.”
Lee further stated that the upcoming months would see the hysteria around the pandemic declining, which would lead to an economic recovery caused by fresh investor interest. Institute for Health Metrics data quoted by the investor suggested that Delta cases in the U.S. could surge this week, post which a resurgence has not been predicted, which could usher in a “relief rally.”
Additionally, the market strategist also suggested that the “risk-on” atmosphere that the financial industry would experience near the end of the year will be conclusive in driving up various sectors of the economy, including the top digital asset.
Lee is not alone in this prediction, as a number of analysts believe that Bitcoin will go up to $100k by the end of this year. Earlier this week, Bloomberg Intelligence analyst Mike McGlone elaborated that,
“Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
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