A digital currency for the legal marijuana industry is plummeting a day after it sponsored Dennis Rodman’s trip to North Korea.
PotCoin is a digital cryptocurrency — much like bitcoin — that was specifically developed to remove the need for cash transactions between marijuana consumers and dispensaries.
PotCoin plummeted 23% on Wednesday, just a day after it soared 97% following the publicity it received from sponsoring Rodman’s trip.
The currency is valued at just over 13 US cents.
Marijuana is illegal under federal law, so the majority of banks won’t take cash or open lines of credit for marijuana businesses. PotCoin was developed to facilitate transactions between marijuana consumers and businesses, removing the need for cash.
credit:420intel.com