AMC, the American multinational entertainment giant, is making an aggressive move towards cryptocurrencies. During his recent interview with CNBC, AMC CEO Adam Aron discussed the company's crypto ambitions.
More inclusion, but not only
The theater giant is already working on building a payment infrastructure that accepts multiple cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and others. During the CNBC interview, Aron touched on the company's enthusiasm for blockchain and cryptocurrency development.
Furthermore, the CEO also surprised that AMC may issue its native cryptocurrency in the future. Aron said:
“We have been making a lot of noise over the past few months about being hyperactive in cryptocurrency. There are many reasons why AMC could be a successful cryptocurrency issuer and cryptocurrency redeemer ”.
Additionally, Aron also noted that this is only half a dozen ideas the company is currently working on. As mentioned, the company is quite forward-thinking when it comes to cryptocurrencies. AMC announced its plans to accept BTC as payments for the first time in August.
Later in September, AMC said it will accept payments in other cryptocurrencies such as Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Jim Cramer: AMC is "doing a miracle"
AMC Entertainment (NASDAQ shares - NYSE: AMC) remains one of the most traded stocks on Wall Street as it has been subject to the infamous short squeeze, as witnessed by other stocks such as GameStop. In the midst of all the frenzy, AMC stock is already trading at 20x year-to-date gains.
CNBC market analyst Jim Cramer remains upbeat about AMC Entertainment over CEO Adam Aron. He believes the CEO is "working a miracle". Speaking to CNBC's “Squawk On The Street,” Cramer said Aron sent him a message with encouraging box office numbers showing the company is bouncing strongly back to where they were in February 2020.
Cramer said the box office numbers grossed more than $ 300 million. The entire month of October was full of extraordinary numbers. Cramer added, "I know this is a stock meme, but the thing is, I still believe in Adam Aron."
Many market analysts believe the AMC stock is overvalued. But Cramer asks that if the share price is inaccurate, why aren't the shares falling significantly? “The answer is that I think Adam Aron is working a miracle,” he adds.
Like many other large companies, AMC is also making an ambitious move with cryptocurrencies. It will be interesting to see if AMC announces its own cryptocurrency. However, it may face serious regulatory challenges as it moves along the way.
