One of the largest movie theatre chain in the world, AMC Theatres announced that it will accept Dogecoin (DOGE) from now among other specific cryptographic forms of payment as a preference for its digital gift vouchers. AMC CEO Adam Aron twitted on 6th October 2021 to publicize the news, saying “As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet.”

AMC Theatres, Dogecoin, and memes :

AMC Theaters, whose shares skyrocketed within the “meme stock” trading frenzy earlier this year, first declared its plans to initiate accepting crypto in August. At the time, the Kansas-based company stated it was concentrating on Bitcoin only, still, it added three more coins–Litecoin, Ethereum, and Bitcoin Cash–to the list last month.

Soon after Dogecoin fans took to social media to protest the oversight of the leading meme cryptocurrency from that list. Aron launched a poll on Twitter, requesting workers to vote on whether or not they will apply DOGE to obtain movie tickets and theatre concessions. And with more than 2/3 of users, electing in favour of Dogecoin, AMC had little superiority but to listen.

One can assume that the genuine integration of crypto payments at AMC, primarily vowed to be cultivated before the year's end, could in any case take some time. Although BitPay endorsed Aron’s latest post from a retweet, the company’s gift card page is yet to object to the proposition at the period of writing.

Supporting points :

The Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) has stated in a report that instructions for traditional payments must relate to stability.

Later seeing its revenue fall 90 percent due to the pandemic, AMC faced wonderful financial strain in 2020. It then converted a darling of Reddit’s meme stock traders collected with GameStop and other struggling companies. The AMC standard is up 1,634% year-to-date.    

Things seem to be returning to normal for the leading movie chain theatre. Concluded the most current weekend, it set a new post-reopening presence record of 3.9 million visitors worldwide due to the achievement of “No Time to Die” and “Venom: Let There Be Carnage.”  

Shivangi Mujumdar

CBW - External Analyst

INDIA