AMC Chief Expands Crypto Payments, Leaves Off Dogecoin
AMC Entertainment made a splash in the cryptocurrency industry by revealing it intends to support more than just bitcoin payments. In a surprise move, AMC CEO Adam Aron tweeted that the company plans to also accept Ethereum, Litecoin and Bitcoin Cash for movie tickets and concession transactions. One cryptocurrency that was conspicuously left off the list was Dogecoin.
Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
The Dogecoin community has had AMC on their radar since Aron announced the bitcoin integration in August. YouTube talk show host Steven Steele pointed out that many Dogecoin investors also own shares of AMC’s stock, which would make both camps happy. Many Dogecoin fans expressed their surprise that Aron left out Dogecoin, calling it a big mistake, while others are holding out hope that it is just a matter of time.
AMC, it's time to add Dogecoin to the cryptos you will accept by end of year. Doge is much faster with less transaction fees than Litecoin, Ethereum & Bitcoin. Plus, many Dogecoin investors are also AMC investors, me included. It's not too late, let's get this done. #AMCDOGE
— Steven Steele (@MrStevenSteele) September 16, 2021
Dogecoin bulls have been trying to get the meme coin more into the spotlight with hopes of driving the price up higher to the $1 threshold and beyond. The Doge price currently hovers at just below $0.24.
Aron first revealed that the company would be integrating bitcoin payments during the movie chain’s Q2 earnings call. Since then, the meme-coin crowd has been sending him a message that Dogecoin also works well for payments, boasting transactions that are faster and cheaper than bitcoin.
Dogecoin can complete transactions in about one minute, while bitcoin blocks are completed in around 10 minutes. Thanks to second-layer technology such as the Lightning Network, bitcoin payments can be made in real-time, or in about the same amount of time it takes to send an email.
AMC’s announcement was also met with some skepticism, given that it came on the heels of the recent fake news involving Walmart and Litecoin. Scammers issued a fraudulent press release saying that the big-box retailer and the Litecoin project were teaming up, and it sent the markets into a frenzy. Litecoin initially spiked, but once Walmart and Litecoin denied any collaboration, those gains were quickly erased.
For AMC, the announcement came straight from the CEO’s Twitter account, which incidentally has yet to be verified. AMC’s stock price is up fractionally on the day, while the bitcoin price is slightly lower.