A marijuana-focussed cryptocurrency called potcoin has been one of the unlikely winners of the historic summit between Donald Trump and North Korea leader Kim Jong-un, having jumped in price by 25 per cent since the start of the summit.
The price jump can be attributed to a public endorsement from former NBA star Dennis Rodman, who was pictured arriving in Singapore wearing a potcoin t-shirt on Monday.
The cryptocurrency achieved the marketing coup by paying for Rodman’s trip to the city state, having previously sponsored his 2017 trip to North Korea.
After Rodman appeared in Pyongyang last year wearing a potcoin t-shirt, the cryptocurrency’s price briefly spiked, before tumbling by 23 per cent in value.
Its current value is around 10 cents (7p), with a market capitalisation of almost $22 million – around 0.01 per cent of bitcoin’s total worth, according to CoinMarketCap.
Despite the marketing stunt, it is unlikely that the cryptocurrency will ever be worth more than a tiny fraction of bitcoin, given its niche applications.
Potcoin’s website describes it as a “banking solution” for the global legal marijuana industry, with the goal of facilitating more efficient online transactions for the cannabis community.
Rodman, who is one of the few people to have met both Trump and Kim, was not in Singapore in any official capacity but said on Twitter that he was there to “give whatever support is needed” to his “friends”.
It seems both leaders were able to proceed with the talks without Rodman’s help, who spent his time instead making media appearances while still wearing potcoin apparel.
But there was more to paying for Rodman’s trip than just boosting the cryptocurrency’s price and exposure, according to its creators. It was about world peace.
Potcoin’s twitter account posted a composite picture of Trump, Rodman and Kim, together with the words: “The world is now one step closer to #worldpeace. You’re welcome!”
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