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On his Twitter page, the CEO of AMC Theatres, Adam Aron, stated that,
The use of these gift cards is expected to propel the use of dogecoin to other businesses, given that dogecoin is among the affordable yet popular coins. Hence, it will allow more people to purchase and use these gift cards across different stores.
After the news was made public by AMC’s CEO on October 6, the value of Dogecoin skyrocketed by around 6%. However, it has slightly dipped to around $0.24 according to CoinGecko.
Nevertheless, the news has created excitement among dogecoin supporters who had previously urged Aron to add dogecoin to the list of cryptocurrencies that the exchange was planning to accept. Some of the cryptocurrencies that the firm has also announced support for include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
This news did not come as a surprise, given that at the beginning of September, Aron had created a poll on Twitter asking if dogecoin should be added to the list of supported cryptocurrencies by the movie firm. The majority of responses to this poll supported the use of dogecoin to pay for online movie tickets and theatre concessions. This poll also caught the attention of Elon Musk, who reacted by liking the post.
The BitPay wallet that will be used by AMC entertainment to accept dogecoin payments for digital gift cards has helped increase the rate at which crypto is being used for payment purposes. BitPay was launched in 2011, and it has become one of the largest crypto payment service providers globally.
BitPay is also used by Mark Cuban’s NBA team, Dallas Mavericks. The coin is used to buy merchandise and tickets for the team. This is one of Dogecoin’s major adoptions, as Cuban is a renowned dogecoin supporter, just like Musk.
Cryptocurrency payments have now become popular in the entertainment, fashion, and technological industries. This follows a boom in cryptocurrencies this year, where prices have skyrocketed to new highs and adoption, and popularity has grown globally.
The use of crypto payments has also picked up globally. In Switzerland, crypto payments are accepted by more than 85,000 merchants. Crypto payments have especially become popular in Central American nations who are now looking for ways to use cryptocurrencies to aid economies that are grappling with high inflation.
El Salvador has fully integrated Bitcoin for payments, as the primary cryptocurrency is now a legal tender in the country. This was a major move towards crypto adoption, as merchants and financial institutions in El Salvador are obligated to accept Bitcoin if used by customers to pay for goods and services.
Despite this adoption, the global crypto regulatory framework is still shaky. Different jurisdictions are still looking for ways to regulate this space to protect investors while also taking caution not to stifle innovation.