AMC Entertainment to Accept Dogecoin for Payment

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Barely a week after announcing that it would now accept Bitcoin for payments, AMC Entertainment, may begin to accept Dogecoin for payment.

The American movie theater chain had on 16th September 2021, announced that it will soon allow customers to buy movie tickets using their cryptocurrency holdings. The meme-stock holder stated that it would allow payments with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

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What Led to the Consideration of Dogecoin for Payment?

The announcement was met with disapproval from Dogecoin users. As a result, they began storming AMC with requests for the inclusion of the meme-based cryptocurrency. Now, it looks like AMC is looking to allow that request. This is even as it seeks public opinion on whether to accept Dogecoin too.

The Chief Executive Officer of AMC Entertainment Holdings, Adam Aron, on Tuesday started a Twitter poll, asking his followers if Dogecoin should be accepted for payment too. In his tweet, he asked, “Do you think AMC should explore accepting Dogecoin?” He noted that the poll was in response to continuous notifications on his Twitter feed.

At the time of writing this article, more than 125,000 respondents had voted. Of these numbers, about 69% considered the idea to be a good one. 8.5% agreed to the idea but noted that they would not use it themselves.  6.9% considered DOGE to be unimportant while another 15.65 stated that it would be a waste of effort.

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If the poll continues as it is, DOGE may become a means of payment for AMC in the not-too-distant future. Some have suggested that using DOGE as compared to Bitcoin, and Ethereum will allow more people to make payments using their cryptocurrency. This they explained was because of the lower value of DOGE, unlike Bitcoin and Ethereum.

The clamor for DOGE to be included is not entirely surprising. Apart from the fact that DOGE has a very vocal fanbase on social media, DOGE is a meme coin, even as AMC is known as a meme stock.

While the meme stock movement that started in January has tapered out, AMC is one of the few still hanging on.

What The Acceptance of Cryptocurrency for Payment will do to the Market

There has been an upturn in the fate of cryptocurrencies recently. In spite of the regulatory crackdown on digital assets, adoption has continued to grow.  CEO of Galaxy Digital, Mike Novogratz in an interview with CNBC said, “The level of inquiry, the level of business hasn’t been higher.”

Unfortunately, due to the debt crunch of Evergrande, there was a massive sell-off in the market earlier in the week. This led to a bearish trend. Bitcoin dropped by up to 85 while Ethereum dropped by 10%. Other coins like Solana and Cardano also dropped to their lowest in a month.

With AMC looking to accept cryptocurrency payment, that’s an extra outlet for the use of the coins. This, as with other use cases, will further help drive up the value of the currencies.

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