AMC CEO Wins Over Investors With Crypto Payments

AMC Entertainment CEO Adam Aron has shifted the narrative away from himself. Aron recently came under fire for parting with more than 600,000 AMC shares in an attempt to diversify as part of his estate planning. The stock came under pressure as investors criticized the timing of the share sale, as it took the wind out of the sails of AMC’s stock. Now AMC is in recovery mode.

Aron has managed to return to good terms with investors after he revealed that the theater chain’s cryptocurrency plans have come true. In a tweet, Aron stated that crypto has become one of the ways for customers to pay online for movie tickets and snacks.

AMC is now accepting bitcoin, Ethereum, Bitcoin Cash and Litecoin. Outside of crypto, the company is also making it possible for moviegoers to pay using Apple Pay, Google Pay and PayPal. Aron knows that the meme-coin community is awaiting their turn, and Aron assured his followers that Dogecoin will be next.

 

Big newsflash! As promised, many new ways NOW to pay online at AMC.  We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next. pic.twitter.com/a7pqYBm7HB

— Adam Aron (@CEOAdam) November 12, 2021

The chief complaint about Ethereum is its lofty fees. As a result, moviegoers might not be in a rush to pay with that digital asset, as Quantum Economics founder Mati Greenspan pointed out.

Dallas Mavericks owner Mark Cuban has stated in the past that fans are more willing to pay with Dogecoin over bitcoin because they see the leading cryptocurrency more as a store-of-value rather than a medium of exchange.

Bitcoin Taproot Upgrade

The bitcoin price has dipped below the $64,000 level but it could be gearing up for another leg higher. Bitcoin has been a steady leader and has buoyed the broader crypto market higher to a combined market cap of over $2.7 trillion. But it has been the smart contract platforms like Ethereum that have been grabbing the spotlight of late for their DeFi and NFT innovation.

Now bitcoin is awaiting a catalyst of its own, known as taproot. Bitcoin hasn’t experienced a major upgrade like this in four years, so taproot is kind of a big deal. Taproot is designed to usher in greater scalability and smart contract functionality, paving the way for more DeFi activity on the Bitcoin blockchain.

While taproot is bullish for bitcoin, it remains to be seen if these gains have already been priced into the market. It is possible that this upgrade could be one rung in the ladder to bolster the bitcoin price to new heights before the end of the year, with $100,000 one of the popular targets.