The little known Potcoin (POT) cryptocurrency hit the news again today as it sponsored former NBA star Dennis Rodman’s trip to attend the high profile peace talks between President Trump and North Korean leader Kim Jong-Un in Singapore. Whilst not invited in any official capacity, Rodman said he’d decided to attend the summit “to give moral support.”
Over recent years Rodman has built an unlikely friendship with Jong-Un, championing North Korea and pushing for improved relations with the US. The NBA star’s 2017 trip to the country was also funded by Potcoin, and the partnership appears to have increased exposure both for Rodman and the cryptocurrency itself. Arguably there have also been broader political benefits, both for North Korea and the peace process as a whole. There were clear positive gains in the markets today, as Potcoin’s price jumped nearly 20% pushing market capitalization over $20 million.
Potcoin aims to provide banking services for the $100 billion legal cannabis industry, which took a big step forward this week as Canada confirmed plans to legalize the drug. But the irony of Rodman stepping off the plane in Singapore, where possession of even a small quantity of cannabis can lead to the death penalty, cannot have been lost on Potcoin supporters.
The cryptocurrency claims to offer significant benefits over fiat, not least in reducing the risk of handling the large quantities of cash which might otherwise be associated with the lucrative trade. Potcoin faces competition to represent the burgeoning cannabis industry, however, with Hempcoin (THC), Dopecoin (DOPE) and CannabisCoin (CANN) amongst the leading contenders.
