The world’s largest movie theater led by CEO Adam Aron announces launching Dogecoin payment option and other cryptocurrencies for eGift cards. The Twitter poll attracted Tesla CEO Elon Musk's like. Also, the movie theater will show support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash by the end of the year as reported earlier.
AMC starts to accept dogecoin
It is not shocking to see AMC Theater announce such a thing because Aron had already held a poll on his Twitter asking his following if AMC should explore accepting DOGE. After receiving an overwhelming response for accepting DogeCoin, it was almost certain that the company is going to start accepting this currency. Several users have now picked up this announcement and have also responded to the Tweet shared by Adam Aron. SpaceX founder and CEO, Elon Musk also liked his Tweet. Check out his post right here.
Among them is Mark Cuban's NBA team the Dallas Mavericks, which began accepting Dogecoin for their tickets and merchandise in April this year.
The price of DOGE spiked by more than 11% immediately in the wake of the announcement, hitting a local high of $0.269. By press time, the asset’s price has backtracked to $0.246, according to CoinGecko.
With a market capitalization of $32.4 billion, the meme coin has also climbed to the 8th spot, leaving USD Coin (USDC) and Polkadot (DOT) behind.
AMC Theaters, whose shares skyrocketed amidst the “meme stock” trading frenzy earlier this year, first announced its plans to begin accepting crypto in August.
At the time, the Kansas-based company said it was focusing on Bitcoin only, however, it added three more coins–Ethereum, Litecoin, and Bitcoin Cash–to the list last month.
Soon after Dogecoin fans took to social media to protest the omission of the leading meme cryptocurrency from that list, Aron launched a poll on Twitter, asking users to vote on whether or not they would use DOGE to purchase movie tickets and theater concessions.
People are already stoked about this new addition of Dogecoin as a payment option. The price of the cryptocurrency is already up 13% on 5th October and this news is expected to be a good thing for Dogecoin. The community is also very happy and have been showing their happiness on Twitter in the replies to this announcement. One of them even wants to wear Dogecoin t-shirts to local theatres to celebrate this new achievement for Dogecoin. We can soon expect other companies to start Dogecoin, too, just because of its popularity and the demand of the community. And if that happens, the price of Doge will surely see a good pump.
To make this possible AMC Theatres has partnered up with Bitpay. One can purchase these gift cards directly from them using Doge. For those who don’t know Bitpay was founded in 2011 and is one of the largest Bitcoin payment service providers. A lot of big companies have partnered up with them to accept crypto payments. Even the NBA team Dallas Mavericks has partnered up with Bitpay to accept Dogecoin for their tickets and online store.
Alongside Dogeocin this partnership has also allowed AMC Theatres to accept other cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. So, we can clearly see they have moved the route of accepting crypto for payments and I don’t think there is any going back. With time we can only expect the support for more coins and tokens as demand and usage rise.
It seems the company does not intend to stop at just accepting select cryptocurrencies but plans to also try their hands at NFTs or non-fungible tokens. While speaking to CNBC earlier this month, Aron revealed that the company was considering NFTs as a possible new revenue stream. He stated that the idea being considered at the company was to release commemorative movie tickets as NFTs.
“…to make commemorative movie tickets as an NFT. That’s a really smart idea because we probably pay 50 to 100 big movies a year. Could we make 50 to 100 commemorative NFT tickets that could mean something to people? That could mean something to us? That could drive business going forward? I think the answer is yes,” Aron said.
Weighing in on the CEO’s revelation, CNBC panelist Guy Adami opined that the company’s open-mindedness to current trends in the market was a strong reason to be bullish on the company’s shares in the stock market. Despite the generally negative impact of the pandemic on movie theater businesses, AMC shares have traded 1,790.57% up year-to-date.
Currently, the cryptocurrency industry is on a constant rise and its global market cap has increased by 2.5 per cent to $2.2 trillion. Recent updates from the markets confirm that all Bitcoin, Dogecoin and Ethereum price has gone up by 5 per cent. It could also be because the co-founder, Billy Markus has talked about its high demand from the NFT ecosystem. Well, Dogecoin is not the only cryptocurrency that is giving its buyers loads of profits.