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AMC Theatres CEO announces Bitpay will support SHIB ‘specifically because he asked’

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What does a crypto trader do when they want to catch a movie and buy a tub of buttery popcorn, but don’t have any dollars on them? Well, in as little as two months, your local theatre could soon be accepting Shiba Inu [SHIB].

Here’s how this happened.

With dogged determination

On 16 November, AMC Theatres CEO Adam Aron tweeted that “specifically because” he asked, the crypto payment company Bitpay would be supporting SHIB. Adding to that, Aron explained that in 60 to 120 days, AMC would be able to accept Shiba Inu for movie tickets and concessions purchased online.

He concluded,

“This is a WOW!”

In October, Bitpay reported that AMC was using its platform to accept crypto payments in the form of gift cards. However, at press time, there was no official announcement about Bitpay accepting SHIB.

However, one self-identified ShibaSwap developer made their gratitude clear.

A tail-wagging update

How did the saga begin? Aron announced AMC would be accepting Bitcoin and several altcoins as payment methods. Aron also promised to bring Dogecoin onboard.

Next up, Aron sent the Shib Army into a tizzy when he released a poll to ask if SHIB should be added to the list of cryptocurrencies. There were 153,100 votes, and the answer was a resounding bark of approval.

Naturally, one would expect Shiba Inu to be jumping with joy. Yet, at press time, the eleventh largest coin by market cap was trading at $0.00005077. What’s more, the price dropped by 3.43% in a day and has been in the red for most of the past week, according to Coin Market Cap.

Worth noting, however, that it wasn’t restricted to Shiba Inu alone. The market was seeing some bearish momentum and a number of other coins also saw price drops.

Meanwhile, Dogecoin seemed to be having a dog day as well.

Could SHIB ever ‘rob the rich’?

Investors may have a love-hate relationship with the dog-themed meme coin. Even so, Aron’s announcement is a sign that more mainstream companies are taking SHIB seriously – or at least, are compelled to.

For his part, crypto researcher Max Maher predicted that the trading company Robinhood would soon add SHIB to its platform.

Maher said,

“So if I were to guess, Shiba will calm down a little bit for a period, and then Robinhood will make their big announcement, and that will shoot up the price 10 to 18% in a single day, from wherever it’s sitting at that point.”

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Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.