AMC Theatres, the largest movie theater chain in the United States, is accepting Dogecoin and other cryptocurrencies as payment for digital gift cards.
Earlier in September, the CEO of AMC Theater Adam Aron, tweeted that they are planning to accept Bitcoin, Ethereum, Litecoin, and Bitcoin Cash by the end of 2021. In the same tweet, he set up a poll asking if they should accept Dogecoin as well. The result was remarkable as 68.1% voted yes. Following this response, they announced that the AMC theatre chain would officially accept Dogecoin payments for digital gift cards via BitPay Wallet.
The chain has around 620 theaters across the United States and a further 358 theatres across Europe. Dogecoin users can now purchase up to $200 worth of digital gift cards per day which can be redeemed by theatergoers in cinemas across the United States.
In a tweet that is Aron’s “most retweeted, most replied, most liked tweet ever” the Dogecoin community supported the integration of Dogecoin within the theatre’s payment options. Among the supporters of this integration were famous Doge fanatics Elon Musk and Mark Cuban.
Since the integration, the value of Dogecoin rose by 5.59 percent.
Table of Contents
Why is AMC’s acceptance of Dogecoin important?
The groundbreaking integration of Dogecoin as a payment option is not just a win for the Dogecoin community but it’s a win for the entire crypto market. This transit proves that cryptocurrencies are becoming a mainstream payment option alternative to traditional fiat currencies. It also changes the narrative about the acceptance of cryptocurrencies as a payment option and reassures people that crypto is indeed a reliable asset class.
AMC’s acceptance of cryptocurrencies is not a first but it accelerates the acceptance of crypto payments. Earlier this year, Major Cineplex Group, Thailand’s largest movie theater chain, started accepting Bitcoin. Likewise in India, companies like HighKart, Purse, The Rug Republic, Sapna, etc. are also accepting payments in digital currencies.
Meanwhile, last month, El Salvador broke the record to become the first country in the world to accept Bitcoin as a legal tender. Thus, proving that the sentiment towards cryptocurrencies is witnessing a positive and accepting change in several parts of the world.
With that said, do you think it is time that some major merchants in India should also start accepting cryptocurrencies as a payment option?
P.S: KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.