AMC CEO talks about crypto plans amid accepting SHIB

In a new interview with Fox Business, Adam Aron, CEO of movie theatre chain AMC, indicated that his company would have to “wait and see” if it might benefit from adopting cryptocurrencies. He said,

“Apple Pay, Google Pay and PayPal already are 15% of our online ticketing. So already there has been an immediate benefit. Only time will tell how big cryptocurrency is.”

If the company sees huge prospects in the industry, the CEO also stated that the corporation may create its own coin. He also stated that the regulatory landscape surrounding cryptocurrencies is fast-changing and that the company will be on the right side of the law at all times.

However, Aron offered updates on cryptocurrencies on AMC’s fourth-quarter results call earlier this month, and these remarks are a reiteration of those updates.

The theater giant had earlier said that it will, on 19 March 2022, introduce functionality for BitPay-supported online payments to its mobile app and website. As a result, the world’s largest movie theatre chain will soon be able to take Dogecoin and Shiba Inu, the two most popular meme coins.

Bitcoin’s (BTC) encouter with AMC

In November 2021, the theatre behemoth had announced that Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) were accepted as online payments.

Aron made the remark in response to a poll he put on Twitter, in which he asked followers if the company should take Dogecoin, a cryptocurrency that began as a joke. The answer was a resounding yes.

Speculations over AMC accepting crypto

On the surface, the company’s decision to take cryptocurrency may appear to be pointless in terms of its efforts to rebound from its long slide. But there’s more to this concept than meets the eye, and if moviegoers respond positively, it might potentially aid AMC’s recovery. Accepting these payment options could be another piece of the puzzle in getting the business back on track to profitability.

The massive financial burden on AMC Entertainment’s balance sheet is one of the company’s major challenges. The solution to this problem is that many of WallStreetBets’ apes come from generations that are passionate about cryptocurrency, including as millennials and Gen Z’s oldest cohort. When AMC’s retail investor fans and shareholders go to the theatre, it’s likely that at least some, if not all, of them will pay with bitcoin.

If AMC is able to obtain a significant amount of cryptocurrency in exchange for movie tickets, it could keep these digital assets in its wallet until they reach new all-time highs, potentially doubling or tripling its profits from those sales simply by having “diamond hands” (holding and refusing to sell) for a few quarters before cashing out the cryptocurrencies. This method is hazardous due to the volatility of digital currencies, but it could also be a way to get more value for the money with ticket sales.