AMC Theatres Begin Accepting Dogecoin for Gift Cards

Read the original article by: Andrew Asmakov Here

As reported before, AMC has announced that it will now begin to accept Dogecoin and other cryptocurrencies as a way to buy digital gift cards. Adam Aron the internet popular AMC CEO, took to Twitter Tuesday night stating “you can buy [AMC Theatres] digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet.”

Bitpay has been integrated in the past to allow crypto payments on goods regularly bought with fiat. The Dallas Mavericks began accepting Dogecoin for tickets to games, as well as merch back in April of this year.

The price of the popular “doggycoin” had a healthy spike of more than 11%, shortly following the announcement. Similar to when AMC shares skyrocketed due to the now-infamous “GameStop Saga”. The event saw struggling companies like GameStop and AMC, who had been most affected by the Covid-19 pandemic be brought back to life by meme stock traders.

A robinhood type of event that brought much scrutiny and frenzy to hedge funds, who had been shorting these struggling companies. These small-time traders coordinated on the Reddit forum “Wallstreet Bets” to destroy these positions by buying up a massive amount of the companies shares.

AMC will continue to innovate as a way to avoid its certain demise, after coming so close at the beginning of the year. Keeping its new wave of investors happy seems to be their prerogative & should lead to some much-needed innovation within the movie theater business.