time to read 1 minutes

We can’t tell if AMC is being serious or goofing aroundINTL

We can’t tell if AMC is being serious or goofing around

Crypto seemed like a joke when the likes of Dogecoin were coming out but AMC Entertainment (AMC) seems to be taking it seriously as meme-stock meets meme-coin. The US-based company is the largest movie theater chain in the world, with Odeon Cinemas, UCI Cinemas, and Carmike Cinemas across Europe as its subsidiaries — reaching 11,450 theaters worldwide. And its CEO just announced yesterday that it’ll possibly be bringing crypto to those almost 11.5k theatres.

News has come out that customers can now buy gift cards for AMC’s outlets using Dogecoin (DOGE) and other cryptocurrencies through BitPay Wallet (a crypto wallet). Although these cards can technically be used to purchase tickets, AMC’s CEO made it clear that the theater chain’s long-term plans are to integrate cryptocurrencies like Bitcoin (BTC) directly into their purchasing system. This will allow customers to buy tickets without going through secondary channels like gift cards. 

why it matters

Despite AMC’s crypto-confidence, the markets are still skeptical. AMC stock was down by 0.6% at market close yesterday while it dipped by 2.1% in premarket trading. Dogecoin-supporters took the news in full stride though as the coin reached a three-week high immediately after the announcement.