AMC theatre announces expansion of their support for cryptocurrencies. Last week the revealed that they will soon be accepting ETH (Ethereum), BCH (Bitcoin Cash), and LTC (Litecoin) to the lineup of accepted currencies, with BTC (Bitcoin) announced already. "You will be able to pay for tickets and snacks with crypto at AMC theatres by the end of 2021" proclaims Adam Aron the CEO, in a Tweet.
This is another big step towards mainstream crypto adoption, and AMC hopes to lure a new market of tech savvy customers bearing crypto. While AMC is only one theatre chain, this story speaks to the broader consumer facing adoption of crypto as payment. As these corporate dominos contine to fall, it becomes easier and easier for other corporations to fall in line and make similar moves.
AMC and the MEME Economy
AMC stock price is up 2,100% year to date. This was thanks to the meme-stock frenzy earlier this year, though the price has now pulled back by 15%. Criticism is flying on Twitter regarding AMC's coin selection for acceptance. Some suggesting replacements in the line up such as DOGE (Dogecoin), expressing disappointment, and that AMC did not do their homework. Reading Tweets, &ldquoPerhaps no one in your boardroom is familiar with The People's Crypto, Dogecoin, which embodies the meme economy and the spirit of AMC. After this year I figured you would know a thing or two about the meme economy!". Our stance on this discussion is that, no matter how hard you try, 'you can't please everyone.' The adoption of any cryptocurrency as means of payment is a step in the right direction. Those mediums can change over time, but the inital step is often the hardest.
We are still unsure if AMC plans to hold these cryptocurrencies on their balance sheet, or convert them into cash as soon as they are received. Therefore we cannot say for certian if this is a wholehearted move in support of the crypto industry, or just another attempt to make the MEME economy happy.