Bitcoin just got another step closer to widespread legitimacy. A Brazil-based cinema ‘Cine Multi’ recently announced it would soon allow their customers to purchase tickets with Bitcoin. It will be the planet’s second cinema to do so.
Bitcoin, the top-ranking cryptocurrency, which has made regular headlines in recent months, thanks to its sudden plunge in value, has taken a further step toward mainstream use this week. The coin was listed by one of Brazil’s biggest cinemas as a payment option, Bitcoinist reported.
The founder of Cine Multi Fernando Costa, commenting on the matter, said: “For Cine Multi, which already follows the path of culture, pioneering an innovative market is a huge step forward. Now all the customers besides being in a pleasant environment, will also be pioneers to pay a cinema with Bitcoins.”
Cine Multi is not the first to accept BTC
It is worth noting that Cine Multi is not the first one to accept payments in Bitcoin. The cinema, located in the metropolis of Florianopolis, is set to become the world’s second cinema to accept cryptocurrency – after inking a deal with the Bancryp app. The Bancryp will implement a plan to allow customers to pay in cryptocurrency. A movie theater chain in Thailand, Major CinePlex Group, bills itself as the first of its kind to proudly receive Bitcoin payments from its customers.
Bitcoin adoption continues in the midst of a bear market
The move comes as the value of Bitcoin and other major cryptocurrencies continues to fall dramatically. At press time, Bitcoin (BTC) stands at $3,459.89, Ethereum is at $107.57, and Ripple (XRP) is at $0.29. A couple of days back, JP Morgan analysts mentioned that Bitcoin could experience further drops. According to them, the price of Bitcoin might fall to as low as $1250. Even so, with the arrival of institutional investors, the price of Bitcoin is expected to reach new highs by the end of the year.