US-based movie hall chain, AMC Entertainment, is looking to expand its crypto portfolio by adding Shiba Inu to its crypto payments. The theatre chain is currently gearing up to accept Ethereum, Bitcoin, Litecoin, and Dogecoin payments.
On Monday, during the movie chain’s Q3 earnings call, management shared the adding of SHIB to their crypto payment list. AMC’s CEO shared that the company is preparing to accept crypto payments in Q1 of 2022.
The adding of Shiba Inu to the company’s crypto payment announcement comes after the CEO, Adam Aron, shared a poll on Twitter. The poll shared last month asked Adam’s followers whether the company should expand its crypto portfolio to SHIB.
The poll that received over 150,000 votes saw a majority of the respondents vote in favor of the “Dogecoin killer.” 80% of the participants, to be exact, voted to add Shiba Inu to the company’s crypto payment lineup.
However, some of his followers felt that adding the meme coin was a risky move, given how volatile the digital coin is. Twitter user @SeekN-daTendies shared that the meme coin’s only current purpose is to pump and dump, The user tweeted,
“$shib is to volatile and unstable-For a business to accept shib would be too risky and they may ultimately loose alot of $$.”
Another Twitter user, @Ripple_on_Ice, also shared these reservations. The user tweeted,
“Well, BTC, ETH, LTC, and Doge are relatively stable. Daily 10% fluctuations at least, sometimes 70%, 80%- If someone bought your ticket with more coins and someone bought with much less…some people might be unhappy.”
AMC Crypto Plans
In the coming months, AMC theatre customers will be able to use the aforementioned crypto coins to pay for concessions and tickets. Currently, the customers can use Dogecoin to buy digital gift cards via a BitPay wallet.
The company’s future crypto plans include the launch of its own crypto and partnering with theaters to offer NFTs for the premier of blockbuster films.
AMC’s love affair with crypto began after meme stock Reddit traders helped the company, which was struggling at some point. Consequentially, AMC’s CEO has been keen to maintain a good standing t=with these shareholders. These Reddit traders also helped bring up GameStop’s (GME) stock up.
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AMC’s stock has had a 2000% increase this year. The company’s shares on Monday rose by 8% to reclaim its $45 value. The company’s stock and the company, in general, have been in the woods due to the pandemic.
The stocks have, however, remained resilient, with the company performing well during Q3. The company was bracing for a loss of $0.53 per share. However, it only experienced a loss of $0.44 per share, bringing the company’s total loss to $224.2 million. However, the CEO warned that the company is not entirely in the clear yet.
AMC reports having a revenue of $763.2 million at the end of Q3. The company’s Q3 earnings have surpassed Wall Street’s estimates. Wall Street had estimated that the company would get $708.3 million.