American cinema chain AMC, as it is known, has recently launched meme cryptocurrencies. dogecoin and Shiba Inu It was accepted as payment. In addition, the company has been accepting Bitcoin payments since last November. AMC’s latest investment bitcoin or buying a gold-silver mine instead of adding other cryptocurrencies to his portfolio has created a controversy in the crypto money world.
The company also invested in the stock of Hycroft Mining Holding, the owner of the gold mine.
AMC Bought Gold Mine with Cryptocurrency Users’ Investments in the Company
Peter Schiff, who is also a gold advocate, commented on AMC’s investment in gold instead of investing in Bitcoin or other cryptocurrencies in his post on Twitter.
Schiff emphasized that he invested in a gold mining company and bought a gold mine with the money from the stocks that AMC executives sold to cryptocurrency users.
After trying to sucker #crypto investors into buy their over-priced stock by announcing they would accept #Bitcoin payments for popcorn, #AMC executives decided to use the money raised by selling stock to buy a #gold mine rather than Bitcoin!https://t.co/maUkPEfyJq
— Peter Schiff (@PeterSchiff) March 15, 2022
AMC announced in its announcement that it has purchased 22% of the shares of Hycroft Mining Holding (HYMC). In addition, AMC has purchased a 71,000-acre gold and silver mine in the state of Nevada.
AMC will pay a total of $27.9 million in cash for this investment. The company will also have a representative on Hycroft’s board of directors.
It was announced that the mine purchased by the company contains 15 million ounces of gold and 600 million ounces of silver.
*Not investment advice.