US-based movie theatre chain AMC Theatres have officially allowed payments in popular meme-based cryptocurrency, Dogecoin. The transaction will be facilitated by Georgia, US-based Bitcoin payment service provider called BitPay. People will be able to buy AMC gift cards with a maximum limit of $200 (roughly Rs. 14,970). Since these gift cards will be valid for usage at other stores as well, this development will indirectly propel Dogecoin into several businesses. The cryptocurrency is affordable, allowing more people to buy and use the gift cards.
Adam Aron, the CEO of AMC Theatres announced the news on Twitter on Wednesday, October 6. Since then, the value of Dogecoin has risen by 5.59 percent. The Elon Musk-backed crypto is currently trading at $0.26 (roughly Rs. 17).
The post has left Dogecoin supporters excited, after they kept tweeting to Aron asking him to start accepting Dogecoin payments. AMC allows customers to purchase movie tickets via several cryptocurrencies including Bitcoin Cash, Ethereum, and Litecoin, and also avail of concessions.
Earlier in September, Aron had posted a poll on Twitter, asking his 186,000 followers to help him make a decision regarding Dogecoin payments.
At the time, not only did majority voters (68 percent) voted in favour of Dogecoin, but the post also caught the attention of Tesla CEO Elon Musk. Replying to a Twitter comment, Musk said Dogecoin handling fees should be reduced in order to make everyday purchases “viable” to the average consumer.
Crypto-payments have begun to pick pace in some countries. In Switzerland, for instance, cryptocurrency payments are now being accepted by over 85,000 merchants.
In April 21, WeWork, the popular Office-sharing startup said it would begin accepting payments in select cryptocurrencies.
Indian trade body Nasscom has recently predicted that the crypto tech industry is enroute a vast global expansion within the next five years. Its latest report estimates that the global crypto tech market will reach the value of $2.3 billion (roughly Rs. 17,087 crore) by 2026.
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