AMC Theaters to Accept Four Cryptocurrencies By End of This Year
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AMC Theaters to Accept Four Cryptocurrencies By End of This Year

9mo ago

Some crypto enthusiasts think the company missed a trick by failing to embrace Dogecoin.

AMC Theaters to Accept Four Cryptocurrencies By End of This Year

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AMC Theaters has announced that it plans to accept Ether, Bitcoin Cash and Litecoin for ticket purchases by the end of this year, in addition to Bitcoin.

The company, which operated 959 cinemas around the world as of 2020, said the cryptocurrencies would be accepted through its website and at concessions.

Back in August, AMC had declared its intent to offer BTC as a payment method in its outlets — becoming the latest in a number of businesses to do so. 

CEO Adam Aron confirmed the news on Twitter, where a number of replies warned the company had missed a trick by opting not to embrace Dogecoin instead.

Last year was something of an annus horribilis for AMC, with the coronavirus pandemic forcing the company to close its theaters around the world.

This caused AMC Entertainment's stock to tumble to 52-week lows of $1.91.
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A Dramatic Twist

AMC's share price has embarked on a complete U-turn this year after becoming a "meme stock" touted by members of the r/WallStreetBets community on Reddit.

The band of retail investors sought to squeeze professional investors who had entered into short positions and were betting that the company's stock would fall further.

Frenzied activity subsequently saw AMC surge to 52-week highs of $72.62 as a trading frenzy ensued on Wall Street, with GameStop enjoying similar gains.

One Reddit user adopted an even-handed tone following the crypto announcement, saying:

"While I don't think this is going to make any of these coins do any parabolic movements as a result, to me this is just another awesome step in the global adoption of crypto as a whole."

Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, also told the Reuters news agency that most people who buy Bitcoin aren't necessarily interested in spending them.

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