You heard that right, the cryptocurrency company Potcoin, sent former NBA star, Dennis Rodman, to North Korea on June 12th, 2017. Although North Korea has multiple American hostages, Rodman stated "that's not my purpose right now." The marijuana company chose to sponsor Rodman on his mission that is "all about peace."
Potcoin is an online currency developed to eliminate the necessity of cash between customers and marijuana dispensaries. It hasn't exactly taken off yet, as weed isn't legal under federal law, but the move to sponsor Rodman has certainly paid off. Since Rodman arrived in Pyongyang wearing a Potcoin t-shirt, its value saw an 87 percent increase to 21 cents.
Since then, the price has fallen to 14 cents. While it's still up considerably from where it started, buyers remain hesitant about jumping back in until things settle down.
It's hard to say where Potcoin will go from here. The initial rise was all due to publicity. Now that they have everyone's attention, it's up to the market to see where they'll go. Rodman is expected to return to the United States on Saturday, June 17th, 2017. Depending on the outcome of his visit, Potcoin may have a second jump in price.
This goes to show that cryptocurrency is still very much in the spotlight and you never know who or what will be involved. Until next time, Happy Investing!