Topline
AMC Entertainment CEO Adam Aron hinted on social media that AMC, the world’s largest theater chain, could add the meme coin dogecoin to the list of cryptocurrencies it accepts for online payments following a poll he took on whether the company should accept doge.
KATWIJK, NETHERLANDS – JANUARY 29: In this photo illustration, visual representations of digital … [+]
Key Facts
Nearly 80% of around 140,000 votes were in support of AMC accepting doge, compared to around 20% who disagreed, according to Aron’s post on Wednesday.
The poll followed outrage over doge’s exclusion by AMC from the list of cryptocurrencies — bitcoin, ethereum, litecoin and bitcoin cash — it announced last month that it will accept for purchases by the end of the year.
Doge is a meme coin created in 2013 as a satire of crypto coins.
Crucial Quote
“It’s clear that you think AMC should accept Dogecoin,” Aron said in the post. “Now we need to figure out how to do that.”
Tangent
Doge is accepted by a few companies including Mark Cuban’s Dallas Mavericks and car dealer Post Oak Motor Cars. It had a market capitalization of nearly $29 billion as of Wednesday, ranking as the 10th-largest cryptocurrency by market value, according to CoinMarketCap.
Key Background
AMC will start accepting cryptocurrency as a payment option by the end of the year, in the first such move among theater chains. The exclusion of doge upset some of AMC’s day traders who had rescued the chain from going bankrupt earlier this year. Day traders drove a trading frenzy of the meme stocks AMC and GameStop by gathering on Reddit used Robinhood, a gamified trading app that claims to “democratize” finance, to pile on the two stocks, among others. Aron has embraced AMC’s status as a meme stock.
Further Reading
Should AMC Accept Dogecoin? CEO Adam Aron Takes Poll On Social Media (Forbes)
AMC Plans To Accept Bitcoin At Movie Theaters By The End Of 2021 (Forbes)
