Largest theater chain, American Multi-Cinema Entertainment, popularly known as AMC is making a foray into the cryptocurrency scene. On Wednesday, Adam Aron, CEO of the renowned theater chain announced in a tweet that AMC will begin accepting payments in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC). As certain Twitter users noted in response to Aron’s tweet, mainstream crypto adoption is fast spreading.
CEO Aron revealed that cryptocurrencies will be embraced for online tickets and concession payments by the end of 2021. Although Aron noted Bitcoin payments will be given consideration first, payments in Ethereum and the other cryptocurrencies mentioned above will be accepted much later. Last month, the theater chain announced that it was ready to accept payments for online tickets in Bitcoin. The latest announcement confirms the August report.
Twitter Users Suggest Dogecoin Payments to AMC Entertainment
Other Twitter users had questioned why AMC failed to add the meme cryptocurrency, Dogecoin, which is now the people’s crypto as claimed by Dallas billionaire, Mark Cuban. One tweet stated that people would be more willing to use Dogecoin payments as opposed to others. The tweet referenced Mark Cuban’s NBA basketball team Dallas Mavericks, which had its numbers go up as soon it started receiving payments in the meme token for its merchandise.
On account of Aron’s Wednesday tweet, the market managed to move to the upside led by flagship cryptocurrency, Bitcoin. The crypto market started at a slow pace this week since Bitcoin’s price fell from the $52k price mark, its highest this month. In September, Bitcoin has attained a low of $41k but things are looking up as the top crypto asset touched a high of $48k on Thursday before pulling back slightly.
Prices of AMC’s Meme Stocks Move in Opposite Direction
Bitcoin hard fork, Litecoin slightly increased by 1.7% following AMC’s announcement. Meanwhile, AMC stocks, which are fondly regarded as ‘meme stocks’ had slipped by 1% even with the Wednesday report.
A Reddit user, while responding to the report noted that it is not likely that any of the proposed crypto coins would make massive moves due to AMC’s plans, but it is a huge step in the adoption of cryptocurrencies globally. Despite the concerns surrounding the mining of cryptocurrencies, big players in America are taking giant strides concerning digital assets. Even traditional banks are not left out as they are expanding their frontiers to cryptocurrencies.
Industry experts have posited that the reason people are buying cryptocurrencies is not for spending purposes, but rather for storing them for investment reasons. However, this may not be the case since many cryptocurrency users are turning towards crypto payments due to their low costs and efficiency. Recently there were rumors that retail and e-commerce giants, Walmart and Amazon would embrace crypto payments. However, both firms have vehemently denied the claims. Chinese tech giant, Xiaomi has begun receiving crypto payments for its mobile devices at its Portuguese store.