Elon Musk Conflicts over American Multi-Cinema Acceptance of Dogecoin Payments

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American Multi-Cinema (AMC) Entertainment Holdings Inc., the world’s largest cinema chain, is willing to accept Dogecoin (DOGE) as a payment method for movie tickets after 4.2 million views and 140,000+ votes on a Twitter poll by the company’s CEO. 

https://twitter.com/ceoadam/status/1440350526768484361?lang=en

According to the poll, 68.1% of 140,388 supporters said, “Yes, they will do it,” which means that they will agree to DOGE as an online payment tool at AMC.  8.6% support the inclusion of DOGE as a means of online payment, even though they “do not use it”, and the final 23% responded to AMC’s acceptance of DOGE with a “No”.

AMC CEO Adam Aron also tweeted that the cinema is beginning to accept Dogecoin crypto coins and other altcoins and crypto-assets. 

https://twitter.com/CEOAdam/status/1445538907324497920?s=20

The largest movie theatre in the United States is developing a project to enable cryptocurrency payments for admission tickets.

https://twitter.com/CEOAdam/status/1445005645384617988?s=20

Dogecoin Initiated as a Joke 

Seven years ago, Dogecoin was a private joke between two Australians, Jackson Palmer and Billy Markus. 

DOGE spent much of its history below $0.01 until January of this year when it oddly crossed $0.02. By the time Elon Musk’s mischievous social media shenanigans had run their course, it crossed $0.74 in May while awaiting Musk’s appearance as a guest host on Saturday Night Live. 

Dogecoin fans were confident that it would become the digital asset, but its performance fell short. Consequently, Dogecoin’s value plummeted along with the slow ratings. 

Despite the stall, Dogecoin was the most notable head-to-shoulder, altcoin performer, experiencing a staggering 8,350% rise this year. 

Today, the DOGE market cap is $35,021,945,407. 

Musk As A Problem For Doge for AMC Payments

Musk was criticized for the ‘meme-approach’ with DOGE that he implemented to trade Bitcoin and Doge, with some demanding that Musk manipulated prices in this manner to achieve his own objectives. 

For instance, Tesla bought bitcoin earlier this year and then announced that they would accept bitcoin payments for car sales. However, Tesla soon changed their stance on this in May 2021, with Musk declaring that blockchain mining was harmful to the country’s economy. 

Apart from his Twitter trolling, Musk has experience with online payments. Like Aron, Musk also saw the doge as a means of payment for digital assets. Earlier this year, he said that projects need to be improved to make digital assets an alternative payment method. Among other things, he even proposed a reduction in transaction charges. 

https://twitter.com/CEOAdam/status/1440713044703657989?s=20

Musk followed suit this week by responding to a comment, which explicitly mentions AMC’s interest in Dogecoin payments. One of the Tesla executives said, “it is crucial that Doge rates go down so that things like buying movie tickets are profitable.” 

While the AMC CEO seems to be welcoming payments from Doge, Aron has not given a timeline. In addition, he stated that the company needs to explore the most efficient ways to receive payments from Doge and urged customers to “hang in there.” 

https://twitter.com/BillyM2k/status/1440771185231294470?s=20

It is not just about transactions, as settlement times should be instantaneous; just like with Fiat money.

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