Potcoin Crashes One Day After 97 Percent Surge

By  |  June 15, 2017
 | 

PotCoin, a digital cryptocurrency similar to bitcoin but for the legal marijuana industry, plummeted a day after it sponsored Dennis Rodman’s trip to North Korea.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Business Insider reported news that PotCoin plummeted 23 percent on Wednesday, just a day after it soared 97 percent following the publicity it received from sponsoring Rodman’s trip. The currency is valued at just over $0.13.

    Since marijuana is illegal under federal law, most banks won’t take cash or open lines of credit for marijuana businesses. To remedy the need for digital banking, PotCoin was developed to remove cash transactions between marijuana consumers and dispensaries entirely.


    Recommended

    Banks Lose Millions as Outdated Billing Drains the Bottom Line

    AI Fraudsters Crash Identity Systems Built for Yesterday

    48% Usage Gap Shows Why Virtual Cards Still Lag Adoption

    48% Usage Gap Shows Why Virtual Cards Still Lag Adoption

    FinCEN: Ransomware Incidents and Payments Dropped in 2024 After Law Enforcement Actions

    See More In: , , , , , , , , , ,