AMC CEO Adam Aron declared that the company is willing to accept Dogecoin and Shiba Inu as currency on its website. However, the company's stock did not move significantly, so here's what might happen next. On March 10, the movie theatre management declared that it had begun to receive Dogecoin and Shiba Inu for online payments on its webpage, and this was the vow that Adam Aron made, which he fulfilled too.
Would the entry of AMC in the crypto market boost the company’s stock price?
AMC's Cryptocurrency Efforts
Since pandemic days, when AMC's most prominent debate topic was still the firm's efforts to survive the COVID-19 disaster, Adam Aron has really been talking progressively regarding crypto, and even the CEO was able to see beyond the immediate concerns.
He first mentioned adopting Bitcoin as payment during AMC's earnings call.
“AMC is hereby formally announcing on this call that by year-end, we will have the information technology systems in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theaters.”
The company launched the program, and Mr. Aron reported that in November, cryptocurrencies and other e-wallets were used in 14% of online payments.
The addition of Dogecoin and Shiba Inu is the upcoming stage in AMC's effort to meet the needs of its clients and retail investors in terms of cryptocurrency adoption.
Reaction of Apes
A few potential investors reacted warmly to the news. However, many of them expressed dissatisfaction with unresolved concerns and proposed other proposals, which are listed below:
- The distribution of NFT dividends
- Making the use of blockchain technology to trade stocks and maintain track of share counts
- Collaborations with metaverse companies such as Roblox
The general view here is that AMC is slowly but steadily working on its projects. They are also accepting Dogecoin and Shiba as currency which is a small part of the vast list of needs and aspirations that the entrepreneur and investors think are vital.