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AMC Entertainment CEO Adam Aron has stated the company is exploring accepting Shiba as a means of payment together with other cryptocurrencies.
The other cryptocurrencies they are considering adding include Bitcoin, Dogecoin, Litecoin, and Ethereum.
Earlier in October, the CEO ran a poll on Twitter requesting members to vote on whether the company should include SHIB as a payment option. More than 150,000 followers voted out of which 80% supported the idea.
This indicates there are adequate clients ready to use the coin for payment purposes.
SHIB AMC partnership
If this actualizes, it would be the biggest Shiba partnership to date. It would not only validate the coin but could trigger it to rally again.
Naturally, cryptocurrencies are created to be transactional coins. However, these capabilities remain underutilized due to the uncertainties both regulatory and market-driven. Volatility remains a key barrier to using crypto as a universal means of payment.
Their decentralized nature is competing with the government-regulated fiat currencies. This has seen some governments oppose such moves.
Most of the companies that have previously tried to use cryptocurrencies end up discontinuing the service due to these challenges. It is still early to understand how AMC will handle these challenges after deploying the solution.
Effects on the Price of Shiba
Such a move will have a huge impact on the price of SHIB on the upside. AMC has recently been given a lifeline after retail traders came together to push its price earlier this year. This resulted, in short, squeezing most of the traders who were holding large sell positions on the stock.
Currently, Shiba is trading less than its all-time high. Hence, such a move will likely trigger buyers to come in helping push its price higher.
The pricing of cryptocurrencies remains a factor of market sentiment. There is still no clear methodology on how it works because they don’t follow normal market rules. This could be explained by the fact that the market is still new and largely unregulated.
Effects on The Industry
Successful deployment and uptake of the coin by AMC will also have a huge impact on the industry. It could create an example of how such partnerships could be undertaken in the future.
The use of Crypto coins for business transactions is the next phase of developing the industry. This could attract regulators to create a fair playing ground. It could also accelerate innovation by the coins seeking to gain a market edge.
We could also see financial institutions coming in to play a bigger role to avoid missing out on this windfall. In the long term, it would be a win situation for all the participants.
Future of the Shiba
As the crypto industry evolves, so are the utilities. We are in the middle of a financial revolution that could change how money and financial services work. As a member of the top cryptocurrencies, SHIB is in a good position to grow and thrive in these conditions.