Elon Musk Supported AMC to Accept Dogecoin
The CEO of Tesla and SpaceX Elon Musk has publicly supported the plan for AMC Theaters to accept Dogecoin. Adam Aron, the CEO of AMC, had recently run a poll on Twitter to know whether users want his company to add the meme cryptocurrency as a payment option.
Earlier this year, SpaceX announced that they would begin accepting Dogecoin payments for a lunar payload mission called DOGE-1, which will be launched in the coming year sometime in May. Musk also set up a poll to ask his followers on Twitter whether his car making company Tesla, should adopt the acceptance of Dogecoin after discontinuing the acceptance of Bitcoin.
Adam Aron had elaborated that his company would work on accepting more cryptocurrencies before the end of the year
At the time of recording, almost 120K users have responded in favor of the movie theater chain accepting DOGE tokens. This will increase the number of cryptocurrencies that AMC intends on accepting before the end of the year. A couple of weeks ago, Aron announced that customers of AMC Theaters could begin to pay admission at cinemas using Bitcoin. He stated that the movie theater chain would have the IT systems in place to accept Bitcoin payments by the end of 2021.
He made the announcement at an August 9th conference call regarding the company’s second quarter reports. He also said that the cinema chain will start accepting Apple Pay and Google Pay, but noted that a lot of the company’s new retail investors are cryptocurrency enthusiasts. Mr. Aron had elaborated that his company would work on accepting more cryptocurrencies before the end of the year.
AMC rose to prominence recently in light of its shares becoming a meme stock popularly traded by WallStreetBets and Robinhood users. Robinhood has recently added a new crypto wallet and transfer feature in beta for the iPhone version of the app. These new features will enable customers to send and receive cryptocurrencies like Bitcoin. After the company made its public debut back in August, its share price rose by over 120 percent sometime in the beginning of the year.
There is buzz being generated for a push to see Dogecoin added as an option
The stock price of the largest movie theater chain spiked to new highs as part of a trading frenzy alongside GameStop, Nokia and so on. Shortly after, Dogecoin also led an increase in price for meme cryptocurrencies, these two trends pointed to demand for investments which were once seen as undesirable by traditional metrics. Although AMC has spoken about accepting more cryptocurrencies as payment towards the end of the year, there has been no mention of Dogecoin.
But there is buzz being generated for a push to see Dogecoin added as an option as well. Given their history, Dogecoin seems like the perfect match. Dogecoin fans have reportedly reined in on Twitter to convince AMC to adopt Dogecoin as a payment option. But AMC CEO Adam Aron is yet to respond to such requests. We expect that something will come through as soon as they both are the leading crypto and stock trading on Robinhood.