While the political and military implications of the first-ever meeting between U.S. President Donald Trump and North Korean dictator Kim Jong Un may take weeks, months or even years to realize, there has been one American company that has already benefited from the summit in Singapore. Potcoin, a digital currency company focused on the marijuana industry, made headlines when it announced plans to finance former NBA superstar Dennis Rodman's trip to the historic meeting. Now, perhaps unsurprisingly, the value of the potcoin currency has spiked in the immediate aftermath of the exchange.
Rodman, Potcoin and North Korea
While it is tempting to assume that potcoin was looking to garner some easy publicity from Rodman's intended visit to Singapore (and while that does appear to be the case), the marijuana currency has a longer history with North Korea and the NBA star than one might realize. Indeed, potcoin paid Rodman to travel to North Korea to visit with members of the regime last year. Rodman, in turn, has been an active spokesperson for the currency. He even wore a potcoin t-shirt during a portion of his visit over the past few days.
No Specific Action Taken
Other than help to sponsor Rodman's visit to Singapore, it appears that potcoin took no other active role in the events surrounding the summit. Rodman's decision to wear the potcoin shirt may have been the single biggest boost for the company behind the currency; he sported the potcoin logo and name during various interviews with news outlets from all over the world.
Potcoin is designed to be a solution for the legal cannabis industry. The company has stated that one of its goals is to improve online payments for legal marijuana products sold online. When working with Rodman, though, the company seems to have adopted a message promoting peace and unity.
The price of potcoin climbed by about 12.6% in the hours immediately following the summit, according to a report by CryptoDaily. It's not clear whether the price spike will remain, particularly because Rodman did not play an official role in the exchange between U.S. and North Korean leaders.
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