[Bitcoin Now] Becoming Part of Daily Life... US Movie Theater Chain AMC to Promote Cryptocurrency Payments

As Cryptocurrency Usage Expands, "Will Bitcoin's Future Brighten?" Tensions Rise
Currently Stagnating Around 52 Million Won Per Coin

[Image source=AP Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The U.S. movie theater chain AMC has decided to accept Bitcoin payments. As the use of cryptocurrencies gradually expands, optimistic forecasts have reemerged that Bitcoin will reach $100,000 (approximately 115.64 million KRW) within this year.

According to the U.S. economic media CNBC on the 9th (local time), Adam Aron, CEO of AMC, stated at an earnings conference, "We will establish the necessary IT system within this year to allow movie ticket payments with Bitcoin," adding, "Once the system is in place, not only movie tickets but also concession stand products can be purchased online using Bitcoin." AMC is a movie theater chain with over 600 theaters in the U.S. and was reportedly on the brink of bankruptcy last year due to COVID-19.

As cryptocurrency usage expands to movie theaters, the outlook for Bitcoin is also brightening. On the 11th, U.S. economic media Bloomberg reported that there are many optimistic forecasts that Bitcoin will reach $100,000 within this year. Michael McGlone, a researcher at Bloomberg Intelligence, a research division of Bloomberg, analyzed, "If Bitcoin follows Ethereum's upward trend, it could surpass $100,000 within this year." Ethereum, which was only in the 800,000 KRW range earlier this year, rose to 5.41 million KRW on May 12.

Meltem Demirors, Chief Strategy Officer (CSO) of CoinShares, a cryptocurrency investment firm, explained, "Investors are taking the U.S. financial authorities' regulatory signals as positive news," adding, "Uncertainty is being resolved." On the 3rd, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said at the Aspen Security Forum, "The cryptocurrency market is like the Wild West," and "More resources are needed to protect investors."

Meanwhile, according to the domestic cryptocurrency exchange Upbit, as of 3:21 p.m. on the 11th, Bitcoin recorded 52.75 million KRW, up 0.79% compared to the previous day. Since rising to 53.07 million KRW on the 9th, there has been little change.