The rise of meme stocks and shifting investor bases of various companies to retail investors has considerably shifted who the CEOs of major organizations report to. For AMC Entertainment (NYSE:AMC) CEO Adam Aron, it’s clear who’s giving him his mandate. Indeed, many of the investors betting on AMC stock to rise are also closely watching Dogecoin (CCC:DOGE-USD) and Dogecoin prices, as these investors are one in the same.
In a bid to placate an investor group that has clearly pumped AMC stock to incredible levels, CEO Aron has taken to Twitter to get a feel for what investors want to see. In a poll used to gauge interest about AMC accepting Dogecoin as payment, the response was overwhelming. Accordingly, Mr. Aron has made a very intriguing first step toward integrating cryptocurrency into the company’s business model. Or, at least, thinking about how to do it.
Let’s dive into what was announced today and why investors appear to like this news.
AMC, Dogecoin Prices Higher on Aron Tweet
Today, Adam Aron announced via Twitter, “SO FASCINATING! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies. 140,000 votes 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned!”
Well, that’s not really a commitment to do anything. More like a statement that AMC investors like Dogecoin. No surprise there.
However, investors seem to like the idea that AMC’s new executive team is thinking about how to make their business as innovative and investor-friendly as possible.
Now, the discussion around whether investors will actually use DOGE to pay for tickets, even if it’s possible to do so, is an intriguing one to have. I mean, why would investors use their precious DOGE to buy tickets, when they think this particular cryptocurrency will go to the moon? (Brings up memories of the guy who paid 10,000 Bitcoin for a pizza way back when — that’s an expensive pizza in today’s dollars!)
If it’s PR attention AMC is after, they got it. I don’t think this announcement will amount to anything meaningful at all. Then again, I’ve been wrong before.
Right now, this saga is an enticing one to watch from the sidelines.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.