US-based movie theatre chain AMC Theatres have officially allowed payments in popular meme-based cryptocurrency, Dogecoin. The transaction will be facilitated by Georgia, US-based Bitcoin payment service provider called BitPay. People will be able to buy AMC gift cards with a maximum limit of $200 (roughly Rs. 14,970). Since these gift cards will be valid for usage at other stores as well, this development will indirectly propel Dogecoin into several businesses. The cryptocurrency is affordable, allowing more people to buy and use the gift cards.
Adam Aron, the CEO of AMC Theatres announced the news on Twitter on Wednesday, October 6. Since then, the value of Dogecoin has risen by 5.59 percent. The Elon Musk-backed crypto is currently trading at $0.26 (roughly Rs. 17).
Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our web site, mobile app, and in theatres. https://t.co/hPubbeq4YG pic.twitter.com/dra7e23tc8
— Adam Aron (@CEOAdam) October 5, 2021
The post has left Dogecoin supporters excited, after they kept tweeting to Aron asking him to start accepting Dogecoin payments. AMC allows customers to purchase movie tickets via several cryptocurrencies including Bitcoin Cash, Ethereum, and Litecoin, and also avail of concessions.
DOGECOIN IS HERE TO STAY!!! Would love to talk to you directly Adam about a couple big plans for Dogecoin. Send me a DM.
— Matt Wallace (@MattWallace888) October 6, 2021
— Trey’s Magic Lamp (@SlothLife10) October 6, 2021
Earlier in September, Aron had posted a poll on Twitter, asking his 186,000 followers to help him make a decision regarding Dogecoin payments.
I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?
— Adam Aron (@CEOAdam) September 21, 2021
At the time, not only did majority voters (68 percent) voted in favour of Dogecoin, but the post also caught the attention of Tesla CEO Elon Musk. Replying to a Twitter comment, Musk said Dogecoin handling fees should be reduced in order to make everyday purchases “viable” to the average consumer.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
Crypto-payments have begun to pick pace in some countries. In Switzerland, for instance, cryptocurrency payments are now being accepted by over 85,000 merchants.
In April 21, WeWork, the popular Office-sharing startup said it would begin accepting payments in select cryptocurrencies.
Indian trade body Nasscom has recently predicted that the crypto tech industry is enroute a vast global expansion within the next five years. Its latest report estimates that the global crypto tech market will reach the value of $2.3 billion (roughly Rs. 17,087 crore) by 2026.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.