AMC CEO: We will still accept crypto despite the crash in prices
AMC CEO Adam Aron says his movie theater chain will continue to accept cryptocurrencies as payment despite the broader crash in the industry at the hands of the FTX debacle.
"We are not taking cryptocurrency risk," Aron said on Yahoo Finance Live (video above). "We convert it into dollars almost immediately as soon as we take the crypto. So we are going to continue to do it. We know that amongst our shareholder base it's a popular decision."
AMC began accepting mainstream cryptos such as bitcoin as payment in Nov. 2021. The company followed up that move in Feb. 2022 by saying it would also accept meme coins dogecoin and Shiba Inu through its mobile app.
Since then, cryptocurrencies have been under considerable pressure amid the march higher in interest rates and the demise of several crypto lending firms. More recently, the value of cryptos has been routed across the board due to liquidity concerns at trading platform FTX.
Despite the recent volatility — and bitcoin briefly dipping below $16,000 on Wednesday — the AMC CEO stood firm in his early adopter stance toward crypto.
"There is no reason for us not to accept it," Aron stated. "We did all the IT work and programming work to be able to take it."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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