AMC Could Create Its Own Cryptocurrency, CEO Says
CEO Adam Aron says the firm could become a "successful issuer of cryptocurrency."
Key Takeaways
- AMC CEO Adam Aron says that his theater chain could issue its own cryptocurrency in the future.
- Aron said that the company is "getting hyperactive in cryptocurrency" and that there are other ideas in the works.
- The company also plans to accept cryptocurrency by the end of the year, and it already accepts crypto as payment for gift cards.
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Adam Aron, CEO of the theater chain AMC, has suggested that the company could issue its own cryptocurrency.
AMC Is “Hyperactive In Cryptocurrency”
Aron hinted at plans during an interview with CNBC while noting that AMC is “getting hyperactive in cryptocurrency.”
“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron said, meaning that the company could create its own custom crypto token.
“That’s just one of half a dozen ideas that we’re working on right now,” Aron concluded, though he did not indicate whether all of those plans related to cryptocurrency.
Can AMC Navigate Regulations?
AMC has become popular among retail investors as a “meme stock” alongside other companies like Gamestop’s GME shares. If AMC launches a crypto token, it would likely attract attention, just as its stock has done in recent months.
However, issuing such a token is currently difficult to do in the United States due to restrictive regulations.
While AMC’s status as an established company may help it gain legitimacy, regulators have made it difficult for well-known firms Kik, Telegram, and Facebook to issue their own currency. As such, its efforts might run into difficulties sooner than expected.
Despite those challenges, the company will not have any issues accepting cryptocurrency. AMC is expected to accept Bitcoin and other cryptocurrencies as payment by the end of the year. This October, it began to allow crypto as payment for gift cards.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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