Back in August, AMC announced that they would be accepting Bitcoin as a form of payment against tickets and refreshments in their theaters. Founded in 1920, AMC is one of the world’s largest theatre companies, with a yearly income of more than $1 billion.
Adam Aron, the CEO, stated that towards the end of 2021, the theaters chain will have the software and hardware all set up and ready to go to accept crypto payments. The AMC stock leaped 4% post this announcement.
At this point, they are close and on track to approaching their goal of accepting cryptocurrency by New Year. They are now introducing cryptocurrency transactions for their customers who can buy digital gift cards from the AMC Website, mobile apps, or theatres in exchange for BTC. The upper limit to these gift cards is $200.
Aron highlighted that AMC has plans to put its efforts behind Ether (ETH), DOGE, Bitcoin Cash (BCH), and Litecoin (LTC). They conducted a poll of about 140,000 volunteers on Twitter, asking them the public opinion of whether AMC should be accepting DOGE as a medium of exchange for tickets. Along with the results, Aron put out a statement saying,
It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned!
Going back to AMC’s second quarter, even in the pandemic, they had reported a lower loss and greater revenue than estimated by their analysts. A bunch of retail traders used digital platforms to orchestrate trades, resulting in a massive market correction in the stock. As a preferred short target, investment banks and other traders swarmed to the struggling movie theatre, and hence resulting in the whopping 1500% surge in their stock prices.