The historic summit between U.S. President Donald Trump and North Korea’s Supreme Leader Kim Jong Un got the crypto community’s attention – and held it – because of Dennis Rodman and therefore the notorious cryptocurrency that funded his visit Singapore, potcoin.
CoinDesk reported on June 7 that retired basketball star Dennis Rodman was headed to Singapore for the Summit with the assistance of the marijuana-themed cryptocurrency. As a star who have visited North Korea several times, Rodman’s trip was considered as “a celebrity twist” to the historical geopolitical event.
According to The Washington Post, Rodman was “in discussions with” the team behind potcoin last week to urge support for the trip. He later officially confirmed the news on Twitter highlighting the very fact his trip was sponsored by the group:
In fact, it's not the primary time that potcoin has helped Rodman together with his travels.
Just last year in June, the previous Chicago Bulls star went back North Korea through potcoin’s sponsorship. At the time, the worth of cryptocurrency spiked as Rod announced the news on Twitter during a “potcoin” t-shirt and a jockey cap .
Launched in 2014, potcoin claims it's “the first digital currency created to facilitate transactions within the legalized cannabis industry” on its website. By which, it means it gives marijuana dispensaries and farmers an alternate to other financial institutions sort of a bank once they trade.
And that leads us to the day once we have Rodman, crying, on CNN from Singapore wearing a “Make America Great Again” hat, and it makes the crypto world look no worse than ever.
Oh yeah, he was also wearing a potcoin shirt.
Good for potcoin?
Shawn Perez, a potcoin spokesman, told The Post that the trip would be a “peace mission,” but many suspected it had been purely a visit to market potcoin’s brand.
ESPN reporter Darren Rovell tweeted that the advertising Rodman garnered for potcoin within the moment was worth $4.1 million.
Though Virginia Heffernan, editor at WIRED, thinks the advertising would only have counterproductive effect. Potcoin is, after all, trying to disrupt payments (a real industry).
2018 jumps the shark?
For most of Twitter users, though, it had been just a weird moment that's really, really, really hard to digest.
As it is now, the worth of potcoin, which is ranked No. 315 on CoinMarketCap, spiked within the last 24 hours, consistent with ConMarketCap’s data.