- As cryptocurrencies are becoming hugely popular among fans and skeptics alike, big companies have now started accepting this alternate mode of payment.
- The newest addition to the list is AMC Entertainment Holdings, which would accept Bitcoin and other cryptos by the year end.
- To cash in on huge opportunities presented by the crypto market, major businesses around the world are diving into the pool of digital currencies.
In yet another major announcement for the mainstream adoption of digital currencies, movie theatre giant AMC Entertainment Holdings, Inc. (NYSE:AMC) has announced its plans to accept other cryptocurrencies along with Bitcoin payments by the end of this year.
AMC Entertainment Holdings is the world's largest movie theatre operator. Apart from the screening of movies, the Company also offers foods and beverages like meals, popcorn, hot dogs, wine, soft drinks, and other gourmet-made products.
Source: Copyright © 2021 Kalkine Media
Major boost to the crypto market
As the entertainment group revealed its plans of accepting other cryptos like Ether, Litecoin, and Bitcoin Cash for ticket purchases by the year end, it has provided a big boost to the growing popularity of cryptocurrencies as they are now being widely accepted by mainstream companies and investors.
It must be noted that in August this year, AMC’s CEO Adam Aron said that by the year end, the Company would have its information technology systems in place to accept Bitcoin payments and was exploring new opportunities presented by the crypto economy.
Know why big businesses are keen on accepting crypto payments
The rationale behind the escalating surge in accepting digital currency payments by big business conglomerates is that they want to cash in on huge opportunities, i.e., new capital and liquidity pools presented by crypto markets.
It would provide access to new demographic groups, for a recent study revealed that 40% of the customers paying through cryptocurrencies are new customers and their purchase amount is two times that of credit card users.
Major companies accepting crypto payments
Some of the major companies across the globe which have started accepting Bitcoin and other cryptos as alternate modes of payments include, Microsoft, Burger King, Xbox, Shopify, Virgin Galactic, Wikipedia, AXA Insurance, Starbucks, Tesla, Amazon, PayPal, Sotheby's, Overstock and many more.
With digital currencies gaining prominence, the world market has begun to see enormous potential posted by this alternate method of payment.