Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • Dow

    39,760.08
    +477.75 (+1.22%)
     
  • Nasdaq

    16,399.52
    +83.82 (+0.51%)
     
  • Bitcoin USD

    70,434.32
    +431.62 (+0.62%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,968.78
    +36.80 (+0.46%)
     
  • Gold

    2,218.80
    +6.10 (+0.28%)
     
  • Crude Oil

    81.96
    +0.61 (+0.75%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

AMC CEO: We will still accept crypto despite the crash in prices

AMC CEO Adam Aron says his movie theater chain will continue to accept cryptocurrencies as payment despite the broader crash in the industry at the hands of the FTX debacle.

"We are not taking cryptocurrency risk," Aron said on Yahoo Finance Live (video above). "We convert it into dollars almost immediately as soon as we take the crypto. So we are going to continue to do it. We know that amongst our shareholder base it's a popular decision."

AMC began accepting mainstream cryptos such as bitcoin as payment in Nov. 2021. The company followed up that move in Feb. 2022 by saying it would also accept meme coins dogecoin and Shiba Inu through its mobile app.

2019 American Cinematheque Award - Presentation - Beverly Hills, California, U.S., November 8, 2019 - President/CEO, AMC Entertainment Holdings, Inc. and AMC Entertainment Inc., Adam Aron, accepts the 5th annual Sid Grauman Award on behalf of AMC Theaters. REUTERS/Mario Anzuoni
AMC CEO Adam Aron accepts the 5th annual Sid Grauman Award on behalf of AMC Theaters in Beverly Hills, California, U.S., November 8, 2019. REUTERS/Mario Anzuoni (Mario Anzuoni / reuters)

Since then, cryptocurrencies have been under considerable pressure amid the march higher in interest rates and the demise of several crypto lending firms. More recently, the value of cryptos has been routed across the board due to liquidity concerns at trading platform FTX.

ADVERTISEMENT

Despite the recent volatility — and bitcoin briefly dipping below $16,000 on Wednesday — the AMC CEO stood firm in his early adopter stance toward crypto.

"There is no reason for us not to accept it," Aron stated. "We did all the IT work and programming work to be able to take it."

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Click here for the latest trending stock tickers of the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube