AMC to accept dogecoins, Elon Musk warns on fees

By Raffaele Redi

The announcement prompted reactions from the DOGE creator Nakamoto and Musk

AMC Entertainment Holdings announced it is exploring the possibility of accepting dogecoin (DOGE) alongside bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH) coins as a way for customers to pay for online tickets.

AMC CEO Adam Aron recently set up a poll on Twitter to ask the crypto community if his company should also accept the popular meme cryptocurrency dogecoin (DOGE). The poll received 4.2 million views and 140,000 votes in 24 hours, with 77% of the responses answering yes and 23% no. According to Aron, it was his “highest-ever-read tweet, my most-ever retweets, most-ever replies”.

Aron, who is CEO of the largest movie exhibition company in the US and Europe, clarified that the possibility of allowing the DOGE coin for payment will now be explored and studied. “It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that,” he said.

Reactions from Musk and Nakamoto

The announcement prompted reactions first from the creator of DOGE, Shibetoshi Nakamoto, and then from DOGE enthusiast Elon Musk, who announced “SpaceX launching satellite Doge-1 to the moon in 2022” later.

“Robinhood announcing wallets, AMC CEO not only talking about accepting Dogecoin but saying it was the single-most interacted-with tweet he has ever made, the crypto market finally seeing some green,” said Nakamoto.

Meanwhile, Tesla CEO Musk underlined how it is “important for Doge fees to drop to make things like buying movie tickets viable”.

Crypto transaction fees compared

According to Bitinfocharts.com, on 22 September, the average DOGE transaction fee was less than $0.50 or DOGE2.21, while the ETH average transaction fee was around $19.49, or ETH0.0062, with BTC showing an average transaction fee of $2.17, or BTC0.000049.

Finally, the LTC average transaction fee was at $0.017 or LTC0.00011, while the BCH one was $0.0064 or BCH0.000012.

AMC currently owns or operates approximately 1,004 cinemas and 11,041 screens in 15 countries globally. 

According to its second-quarter results released in August, AMC Holdings reported available liquidity of more than $2bn, including cash and undrawn revolving lines of credit, which it described as “about double the previous highest-ever such mark in AMC’s 101-year history”.

Such leverage could be used to address any volatility risks associated with the use of cryptos, although AMC did not immediately respond for comments on this score.

AMC stock was up by 2.2% at $40.96 in early morning trading on the New York Stock Exchange.

Further reading: AMC theatres to accept ETH, LTC and BCH, CEO Adam Aron says

AMC price history

Date Close Change Change(%) Open High Low
Oct 26, 2021 35.51 -0.49 -1.36% 36.00 36.85 35.28
Oct 25, 2021 36.13 1.62 4.69% 34.51 37.30 34.28
Oct 22, 2021 36.08 -0.99 -2.67% 37.07 38.18 35.48
Oct 21, 2021 38.20 -2.11 -5.23% 40.31 41.34 37.96
Oct 20, 2021 40.26 1.10 2.81% 39.16 41.15 39.16
Oct 19, 2021 39.40 -2.80 -6.64% 42.20 43.81 39.40
Oct 18, 2021 42.33 2.50 6.28% 39.83 43.00 39.61
Oct 15, 2021 39.56 0.19 0.48% 39.37 41.19 39.02
Oct 14, 2021 39.34 1.93 5.16% 37.41 40.51 37.13
Oct 13, 2021 37.24 1.17 3.24% 36.07 37.60 35.61
Oct 12, 2021 36.17 -0.19 -0.52% 36.36 37.03 35.71
Oct 11, 2021 36.77 0.01 0.03% 36.76 38.11 35.78
Oct 8, 2021 36.60 -0.51 -1.37% 37.11 38.21 36.53
Oct 7, 2021 37.46 0.98 2.69% 36.48 38.00 36.08
Oct 6, 2021 36.21 0.31 0.86% 35.90 37.11 35.14
Oct 5, 2021 36.43 -0.06 -0.16% 36.49 37.55 35.68
Oct 4, 2021 36.22 -1.11 -2.97% 37.33 38.87 35.82
Oct 1, 2021 37.75 -0.39 -1.02% 38.14 39.54 37.22
Sep 30, 2021 38.56 3.45 9.83% 35.11 40.91 33.26
Sep 29, 2021 34.86 -1.91 -5.19% 36.77 37.71 34.36
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