Shiba Inu-Supporting Head of Movie Theater Giant Touts Success of Crypto Payments
Cryptocurrencies were listed among top retail suggestions brought to life by AMC
In a recently published tweetAMC Theaters CEO Adam Aron claims that online usage “soared” after America’s biggest cinema chain moved to add support for digital currencies as well as ApplePay and GooglePay.
Adding support for cryptocurrencies was one of the top retail suggestions alongside the introduction of AMC-branded merchandise and an AMC credit card.
Aron asked his followers for additional suggestions in the aforementioned tweet.
The number one movie theater chain initially announced its plan to venture into crypto in August 2021.
In November 2021, the company started accepting Bitcoin (BTC) and Ethereum (ETH), as well as several other major altcoins. Back then, Aron revealed that services like Google Pay and Apple Pay already accounted for 14% of all purchases.
As reported by U.TodayAMC eventually added support for Shiba Inu (SHIB) and Dogecoin (DOGE) in March 2022. Prior to that, AMC made it possible for users to buy gift cards with the largest cryptocurrency.
AMC itself emerged as a meme stock during the GameStop mania in early 2021, with speculators attempting to cash in on the craze.
The company and its CEO gained a cult-like following on social media platforms like Reddit and Twitter, and that drove the stock’s price up.
The short squeeze, which involves driving up the price of a stock that has been shorted by big funds, was a key strategy employed by these retail traders. At the start of the meme stock craze, AMC’s share price saw a massive surge, much to the delight of those who had invested in the stock. The episode was characterized by tales of retail investors making life-changing profits from stocks that shot up seemingly overnight.
Of course, the influence of retail has since faded, but AMC has managed to retain a ferocious fanbase. The company’s move into crypto also helped to expand its base.