AMC wants to use Bitcoin as a currency
There’s been a concerted effort as of late to make cryptocurrencies like Bitcoin more desirable for use as a currency rather than simply a store of wealth. AMC’s adoption could further move the needle in that direction, but whether or not it proves feasible remains to be seen. The main concern? Bitcoin’s notoriously high transaction fee.
You may no longer be able to purchase a new Tesla using Bitcoin, but there are plenty of other companies interested in accepting the popular cryptocurrency as a form of payment.
During a recent conference call to discuss its Q2 earnings, AMC Entertainment CEO Adam Aron formally announced that they will have the technology in place to start accepting Bitcoin as payment for movie tickets and concessions at all US theaters by the end of the year, when purchased online.
Aron added that since they had to do the “IT programming” to accept Bitcoin, they decided to also start writing the code to accept Apple Pay and Google Pay for online purchases.
Transaction fees could be one of the biggest hurdles to widespread use. For AMC specifically, one has to wonder if consumers are going to be willing to pay a premium just for the opportunity to purchase overpriced concessions. As of writing, the average Bitcoin transaction fee is $2.53, and that’s on the low end. Earlier this year when Bitcoin was on a run, the average transaction fee was over $60.
As for Tesla, Musk said last month that the electric automaker will “most likely” resume accepting Bitcoin.