Bitcoin (BTC) Payments for Popcorn AMC Executives

Peter Schiff Shared: After trying to sucker crypto investors in to buy their over-priced stock by announcing they would accept Bitcoin payments for popcorn, AMC executives decided to use the money raised by selling stock to buy a gold mine rather than Bitcoin!

Community Response:

I thought gold mines are short gold, they sell it for profit, right sir? Right?

They sell it to pay back the loans they used to get it out of the ground, have to dig before you get gold. Most I see on Gold Rush hold the profits in gold. Technically they are seriously long gold. Why would you spend millions to acquire something you are short on??

Do they have gold on their balance sheets? If not, they’re short gold.

Yeah, it’s under the revenue line, how do you think they make money? Do they just dig for fun for something without value?

No, on the balance sheet. If they aren’t saving gold in their reserves then they don’t believe the price will increase over time. They are telling you they would rather hold USD than gold for the long term.

So call it a cash equivalent asset, it’s there one shape or another. A balance sheet is a snapshot and during the process, they’re holding it as they dig it up. No, they have to buy more land or equipment, and what benefit is there to over-list your income that can be taxed?

I love the gold miners are short gold thought. It makes me laugh. I guess bitcoin miners just mine bitcoin and hold it forever and borrow against it to fund the operation? Sounds like a disaster waiting to happen. Despite what you think- cash flow is important…

When u buy a Gold mine. What’s the first thing u do after you’ve minted the Gold? Sell it. And what will they be buying AMC bitcoin? Peter your market reading is terrible these days, think it’s time to hang it up, this is a terrible tweet.

They had a failing business, seems like they are still stuck in the past with this move, shan’t be long before Wall Street bets save another endeavor.

That gold mine stock they bought is another meme stock, SMH.

Is it?

I care so little about Peter and what he has to say that I’m not even gonna look into it. Sorry dude.

I don’t know the definition of meme stock per se but it seems like a WSB play to me.

The market thinks that’s a pretty dumb idea based on where the stock is trading. If instead, they bought bitcoin, the stock would be much higher.

So you’re saying BTC bought them a Gold mine? Imagine the mine they wouldn’t have been able to buy without BTC. Good job Peter!

Let’s compare the cost to mine gold vs the cost to mine BTC.

The cost to mine BTC is much cheaper… of course however, you have to weigh how much vs wattage used, etc… I would choose BTC if I had the funds.

The movie theatre industry and gold mining go together pretty well. They both had their best times in 1970. Maybe they will invest start a new paper business next. These guys are ahead of the times

Peter, money moves between markets, Gold time now as will be time for Bitcoin after that.

So a 30-year project? The planet will pretty much stop mining for it around 2050 when there won’t be enough to mine to make it worthwhile.

GOLD is a great investment for AMC’s awesome move CEO Adam isn’t messing around, Eric Sprott and maybe even Rick Rule advising the CEO of a Theater Company. Precious Metal Miners are a sleeping GIANT. Way too much volatility in Crypto right now.