Sportsman-turned diplomat and promoter of PotCoin, Dennis Rodman’s diplomatic breakthrough pushed the price of the digital currency after a political appearance.
A Pot of Cannabis
PotCoin aims to create a native cryptocurrency for the legalized marijuana industry and witnessed a price gain of more than 24 percent after Rodman’s appearance in Singapore at U.S. President Donald Trump’s meeting with the North Korea leader Kim Jong-un.
As per reports, Rodman has worked several months to mend the broken ties between the two countries. His effort finally paid off on June 12, 2018, as the leaders of both nations met at the noteworthy event which signaled the possible beginning of peaceful relations between North Korea and the U.S.
Sporting a PotCoin branded T-shirt stating “peace begins in Singapore” written around the PotCoin logo, reporters scrambled to have a word with Rodman as he made his way to the CNN stand for an interview.
PotCoin spokesperson Shawn Perez told the Washington Post:
“The PotCoin team has been incredibly supportive of Rodman’s peace mission from the beginning and is thrilled to see how the political climate has been improved between North Koreans and the US since he became involved.”
A Win-Win Scenario
In 2017, PotCoin (POT) fully sponsored Rodman’s official visit to North Korea. The move paid off almost immediately, doubling the price of the altcoin at the time.
During the famed cryptocurrency bull market of December 2017, POT had a market capitalization of $90 million as per data collated on CoinMarketCap. The currency has lost a whopping $70 million since and is worth a meager $16 million at press time.
However, people in the marijuana industry are not entirely convinced about PotCoin’s vision.
MarijuanaStocks owner Jason Spatafora stated:
“If PotCoin were as disruptive a banking solution as they market it, I would know at least one dispensary owner that used it. Truth is, there are much easier ways to process payments in the cannabis industry, and cash will always be king.”