THE CEO of AMC said the company may issue its own coin, and plans to accept Bitcoin payments for movie tickets by the end of the year.
Payment options for the theater expanded in September, and now include Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
In October, the company added Dogecoin (DOGE) to the crypto payment options.
AMC CEO Adam Aron discussed the company’s goals regarding cryptocurrency in an interview with CNBC on Wednesday. According to him, AMC is working through several ideas, including possibly issuing its own coin.
“We’ve made a lot of noise in the last few months about getting hyperactive in cryptocurrency,” he said. “There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency.”
Read our cryptocurrency live blog for the latest news and updates…
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CHINA’S CRACKDOWN ON CRYPTO ISN’T GOING AWAY
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
It’s not Beijing’s first move against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
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CAN BITCOIN HIT $70,000?
To reach $70,000, Bitcoin would have to climb by 23 percent in the remaining days of the year.
And the way things are trending, Bitcoin might break $70,000 at the end of the year.
At the end of 2021, Coin Price Forecast sees the price surging to $79,576. By mid-2023, it is expected to hit $71,386.
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HOW BITCOIN MINING WORKS
Bitcoin was established in 2009 by a computer expert using the alias Satoshi Nakamoto.
The cryptocurrency uses a mining procedure that involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
But the reason why it gets criticism from environmentalists is that Bitcoin currently uses roughly 99.10terawatt-hours annually, according to the Cambridge Center for Alternative Finance.
Currently, are about 21million Bitcoin tokens in existence.
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HOW MUCH HAS THE VALUE OF BITCOIN CHANGED?
Bitcoin has jumped 26 percent in the past month.
Some of gains can be attributed to Gary Gensler, chair of the US Securities and Exchange Commission, repeating his support for Bitcoin exchange-traded funds (ETFs).
Instead of buying Bitcoin directly, the move means you invest in futures contracts.
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COULD BITCOIN REPLACE THE DOLLAR?
Bitcoin could be poised to overtake the dollar by 2030 as the world’s reserve currency, some experts in the soaring cryptocurrency believe.
The digital money hit its all-time high against the US dollar on Wednesday when a single Bitcoin was trading for nearly $67,000.
Leading lights in the Bitcoin community say it is not far from overtaking the value of all the silver in the world and will “easily” have over a billion users within the next five years.
With national currencies currently being devalued by central banks through money printing and Bitcoin’s inbuilt cap of 21 million coins, they argue we may be on the cusp of “hyperbitcoinization”.
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CRYPTO RISK: MARKETING MATERIALS
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
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CRYPTO RISK: CHARGES AND FEES
Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
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CRYPTO RISK: PRODUCT COMPLEXITY
The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.
There is no guarantee that cryptoassets can be converted back into cash.
Converting a cryptoasset back to cash depends on demand and supply existing in the market.
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CRYPTO RISK: PRICE VOLATILITY
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
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CRYPTO RISK: CONSUMER PROTECTION
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
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NEW CRYPTOCURRENCIES RELEASED IN 2021, CONTINUED
Red Shiba is a BSC token available on PancakeSwap.
It is described as “a token of the Red universe, it aims to strengthen the ecosystem that the Red Team is designing, a universe without Rug, Fair-play and beneficial to all fans of memes tokens”.
It was inspired by the highly successful Shiba Inu Token.
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NEW CRYPTOCURRENCIES RELEASED IN 2021, CONTINUED
Landshare coin premiered on August 2, 2021.
It was initially priced just over £2.60, rising to £4.10 on August 14.
The market cap is now more than £1million.
Landshare is a DeFi platform on the Binance Smart Chain.
It offers a hassle-free alternative to traditional real estate investments.
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NEW CRYPTOCURRENCIES RELEASED IN 2021, CONTINUED
As their website states: “Orica is built for first-time cryptocurrency users.
“Orica is built for those who have a personal appreciation for creativity and are on the lookout for great art.”
The current CoinMarketCap ranking is #4186.
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NEW CRYPTOCURRENCIES RELEASED IN 2021
BitClout is an open-source cryptocurrency project and social media platform.
Users are able to buy and sell “creator coins” – based on their reputation.
For example, when they do something positive, the coin gains value.
When the coin hit the market in June, it started trading at £129 but this plunged to £50 in August.
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FINANCIAL RISKS OF ADOPTING BITCOIN
Proponents of El Salvador’s decision have hailed the move as the progressive future of money.
Critics, however, have derided it as little more than a publicity stunt by Bukele.
More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.
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SWISS REGULATOR APPROVES FIRST CRYPTO FUND
Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported Wednesday.
FINMA revealed the fund is called “Crypto Market Index Fund.”
It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”
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ONE OF THE CO-FOUNDERS OF ETHEREUM NAMED A TIME 100 MOST INFLUENTIAL PERSON
One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.
Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.
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WHAT IS A DIGITAL WALLET?
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
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VOLATILE PRICES AND DEMAND
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “It is difficult to predict the price of something that has an intrinsic value of zero.”
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.”
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
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WHAT NEW CRYPTOCURRENCIES HAVE BEEN RELEASED IN 2021?
New cryptocurrencies are being released every month and it can be hard to keep track of them all.
In May 2021 there were 10,115 cryptocurrencies – either altcoins or tokens – according to CoinMarketCap, and this had risen to 12,282 by the start of October.
On one day alone, August 13, 2021, 21 new coins were listed on CoinMarketCap.
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BITCOIN SCORES NEW HIGH AFTER DORSEY TWEET
Bitcoin’s price hit a six-month-high of $62,000 after Square CEO Jack Dorsey tweeted about the possible Square development last Friday, according to CoinDesk and Business Insider.
That surge launched its year-to-date gains to 114 percent.
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BITCOIN MINER JAILED
A bitcoin miner has been jailed after he was caught stealing electricity in a sketchy cryptocurrency scam in the United Kingdom.
Sanjay Singh, 40, admitted “abstracting” electricity worth up to £32,000 at two locations where he operated bitcoin mining machines, Leicester Crown Court heard.
The first loaction was in an industrial unit in Coalville and the other was in Firefly nightclub in Loughborough.
The second had been closed for the summer holidays.
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WHAT IS TETHER?
The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
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HOW BITCOIN MINING WORKS
Bitcoin was established in 2009 by a computer expert using the alias Satoshi Nakamoto.
The cryptocurrency uses a mining procedure that involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
But the reason why it gets criticism from environmentalists is that Bitcoin currently uses roughly 99.10terawatt-hours annually, according to the Cambridge Center for Alternative Finance.
Currently, are about 21million Bitcoin tokens in existence.
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ETHEREUM CO-FOUNDER NAMED A TIME TOP 100 INFLUENTIAL PERSON
One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.
Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.
“Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs,” wrote Ohanian.
“What makes Vitalik so special, though, is that he is a builder’s builder.”