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.
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.
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