AMC as a Crypto&Stock Market Leader

Quick Summary 

  • AMC company (with their leading meme stock) is accepting the biggest cryptocurrencies as a form of payment. There is a poll on whether they should also accept Dogecoin.
  • Institutions are entering the crypto world with a fast tempo. Will companies also try to dip their toes into NFTs?

AMC (American Movie Classics) is a cable TV channel that is pretty popular in the world. It became popular even more when its stock price grew to an all-time high level of approximately $70 at the beginning of summer 2021 from just $2 in January 2020. AMC is one of the most profitable meme stocks and lately, they announced to accept cryptocurrencies as a form of payment. 

source: tradingview

More companies continue to accept cryptocurrencies as a form of payment in the world. One of them is now AMC. CEO Adam Aron said they will take Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as a way to pay for their services. Additionally, they made a poll and asked if Dogecoin should be accepted too. Most people said it’s a good idea, so we’ll see if AMC will listen to people or did this poll out of curiosity (like Elon Musk did). 

source: twitter

More institutions look for ways how to get involved with cryptocurrencies to take advantage of the rising market and help crypto become more mainstream. AMC chose cryptocurrencies with a huge market cap, so it probably won’t have a great effect on their prices but it is one of the small steps for cryptocurrencies to really enter the mainstream. The rise of non-fungible tokens (NFTs) is another area companies try to get their hands on, so it’s only a matter of time until institutions start to get more interested in NFTs like they are in crypto right now.

sources: coinmarketcap, reuters, twitter, finance.yahoo, tradingview

Rene Remsik