Should AMC Accept Dogecoin? CEO Adam Aron Takes Poll On Social Media

Topline

AMC Entertainment CEO Adam Aron, who has embraced the theater chain’s status as a meme stock, is taking a poll on social media on whether AMC, the world’s largest theater chain, should add dogecoin, a meme cryptocurrency that began as a joke, to the list of cryptocurrencies it will accept for online payments. 

Key Facts

Aron said that he received feedback from “many” users on Twitter that AMC should accept doge following the company’s decision to take cryptocurrencies — bitcoin, ethereum, litecoin and bitcoin cash — as a payment option.

Aron’s followers on Twitter welcomed the move, with some saying accepting doge is an “obvious decision” for AMC and others commenting they would not sneak snacks into AMC theaters if the company accepts doge.

The poll will be open until September 22 and had nearly 40,000 votes as of Tuesday afternoon.

Only a handful of companies currently accept doge for payments, including Mark Cuban’s Dallas Mavericks and car dealer Post Oak Motor Cars.

Big Number

No. 10. Dogecoin ranks as the tenth most valuable cryptocurrency by market capitalization, according to CoinMarketCap, down from fourth in the spring, with a market capitalization of around $27 billion as of Tuesday.

Key Background

Last month, AMC became the first theater chain to greenlight cryptocurrency as a payment option, which will take effect by the end of the year. However, the exclusion of the meme coin doge did not sit well with some of AMC’s retail investors. AMC narrowly escaped bankruptcy earlier this year after retail investors rallied to save the company. Day traders drove a trading frenzy of the meme stocks AMC and GameStop that captivated Wall Street, propelled by the rise of Robinhood, a trading app that says it aims to “democratize” finance. Many amateur traders who gathered on Reddit used Robinhood to pile on GameStop and AMC, among other stocks.

Further Reading

AMC Plans To Accept Bitcoin At Movie Theaters By The End Of 2021 (Forbes)

Bitcoin Has Another Volatile Week. Are These Crypto Stocks Better? (Forbes)

Mark Cuban’s Dallas Mavericks Are Accepting Dogecoin As Payment ‘Because We Can’ (Forbes)