AMC Entertainment Holdings Inc., a major movie theater chain in the US, is considering launching a cryptocurrency. This revelation comes shortly after the movie theater chain announced it would accept DOGE coins for the sale of digital gift cards at its online store. While no set deadlines were revealed, the movie theater chain stated that it is something it would consider doing in the future.
Details Of The Plans
The CEO of AMC, Adam Aron made the comments during an appearance on CNBC’s “Power Lunch.” According to the CEO, the company was “getting hyperactive” about crypto. Aron added that there were many reasons why the company could one day issue a cryptocurrency as well as redeem crypto. He noted that the cryptocurrency idea was one of half a dozen ideas they were working on.
AMC’s Plans To Accept Crypto
In September, the company’s CEO announced on Twitter that the company will accept a slew of cryptocurrencies such as ETH, LTC, BCH, and Bitcoin. Ticket buyers can now purchase tickets and make concession payments using crypto on its online market.
Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
However, some were disappointed that DOGE was not included in the list of accepted cryptocurrencies. The CEO took to Twitter and conducted a poll to determine whether they should accept DOGE. Votes from the Twitter poll were 68% in favor of accepting Doge Coins. The CEO then decided that the company would also accept DOGE as an accepted payment option.
Why It Matters
The revelation highlight’s AMC’s efforts to better connect with its newfound backers who are mainly young retail investors that are enthusiastic about cryptocurrencies. It also reveals the growing relevance of cryptocurrencies amongst mainstream firms as a solid investment choice and in day-to-day transactions.
The company’s stock has seen a year-to-date gain of an impressive 1828.3% despite the COVID pandemic shuttering most theaters. These gains have mainly been driven by growing interest from retail investors. It has been branded as one of the ‘meme stocks’ which just a few months ago was on the brink of bankruptcy. However, retail investors went on a buying spree of its stock, alongside the GameStop video game retailer, and managed to pull out of bankruptcy. In effect, retail traders have helped to democratize Wall Street.
While other movie theater chains have not announced similar decisions, it shows that cryptocurrency has a future as an accepted payment option. Today, the crypto market cap stands at over $2.5 trillion from being worth close to nothing just a decade ago. It also shows that there are serious discussions taking place around crypto in boardrooms of major companies.
Despite impressive gains made in recent years regarding crypto acceptance, only a small percentage of the world uses or holds crypto. Thus, there is still a lot of room for growth. For now, the discussion seems centered on when and not if crypto will gain mainstream adoption.
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