Cryptocurrency Factors in for the future of THESE 4 Stocks Open to its Spreading Use

April 19, 2022 -

Several major companies are signaling they’re open to hopping on the cryptocurrency trend. However, there’s already reason for the market to pay increased attention towards giants that have already dabbled into crypto, and benifited from the exposure. Let’s now look at THESE 4 stocks that are often being mentioned alongside cryptocurrency in the media, and for good reason: Tesla, Inc. (NASDAQ:TSLA), AMC Entertainment Holdings, Inc. (NYSE:AMC), Yum! Brands, Inc. (NYSE:YUM), and Coinbase Global, Inc. (NASDAQ:COIN).

Tesla, Inc. (NASDAQ:TSLA)

While it’s clear that its founder and CEO supports the viability of cryptocurrencies, after a short experimental period, Tesla halted accepting BTC. As recently as August, Musk said that Tesla would most “likely” resume acceptance of Bitcoin.

However, Musk seems to be stressing first that users reduce their dependence on crypto trading platforms such as Coinbase, and move their digital assets into a wallet that they own.

The advice came after MyDogeWallet, a crypto gateway, tweeted about its vision to “break the dependence on CEXs like Binance and Robinhood and let Shibes take custody of their own coins”—Shibes being refers to the followers of the Shiba Inu mascot that’s synonymous with Dogecoin. To this, a user said, “Not your keys, not your crypto”, prompting Musk to simply reply, “Exactly”.

AMC Entertainment Holdings, Inc. (NYSE:AMC)

After announcing his company would first accept BTC, and then later even DOGE, AMC CEO Adam Aron has also hinted towards accepting Shiba Inu (SHIB), after a Twitter poll overwhelming showed support.

"A lot of you voted, and a lot of you voted yes, and we are now figuring out how we can take shiba inu as a currency," said Aron in an earnings call. "That's the next one on our cryptocurrency hit parade."

Aron and AMC have embraced their rising profile as a meme stock and appealed to the retail traders that propelled it higher during the pandemic.

Yum! Brands, Inc. (NYSE:YUM)

Not a stranger to meme marketing, Taco Bell and its owners Yum! Brands, Inc. announced back in September the restaurant chain is set to accept dogecoin.

Through a partnership between payment processor BitPay Inc. and Verifone Inc., Taco Bell consumers are set to be able to purchase food with their Dogecoin. New Verifone terminals are said to begin accepting cryptocurrency payments by the end of 2021.

“We just want to offer consumers more options,” said Verifone CEO Mike Pulli. “If they decide to buy a pizza with Visa or AmEx or crypto, we don’t care. We just want to give them the flexibility to pay however they want.”

Coinbase Global, Inc. (NASDAQ:COIN)

Coinbase is hinting it’s open to the possibility of going further into its non-fungible token (NFT) segment, which could grow as big or even bigger than fungible tokens.

“We're very excited about NFT. I think, this is going to be a very large area for crypto in the future, and it already is today,” said Coinbase CEO Brian Armstrong. “Traditionally our Coinbase is focused on FTs fungible tokens. And we're equally excited about NFT, I think it could be as big or bigger we don't know.”

Armstrong also said that Coinbase would like to make Coinbase NFT “more like Instagram as opposed to say an auction like eBay,” and stressed the need for interoperability with other platforms along with ease of use.