The Dennis Rodman effect: PotCoin rises 20% after US-North Korea summit

The PotCoin cryptocurrency benefited from the enormous visibility brought by Dennis Rodman's sponsorship of the historic summit between the USA and North Korea.

The image of Dennis Rodman and his PotCoin T-shirt was picked up by every American media outlet, from Forbes to the Washington Post.

As a result, PotCoin gained 10 cents, an increase of 20% on the previous day, according to CoinMarketCap.

PotCoin, based in Canada, was originally launched as an alternative to real money for cannabis businesses. Most of these businesses are left out of the traditional banking system, which does not allow funds derived from the trade of an illegal substance to be housed, particularly in the United States.

Communication around cryptocurrencies is usually quite complicated. «Finding ways to communicate directly with consumers in this industry is one of the biggest hurdles due to advertising regulations,» explained LiLy Colley, marketing director at Incredibles.

«The fact that this image has gone viral is an indication that cannabis is here to stay and truly one of the most profitable investments as well as a business trend.»

Rodman's trip to Singapore was his second sponsored by PotCoin. Last June, the cryptocurrency had already sent him to North Korea. PotCoin had then taken 90% the day before his visit.

Dennis Rodman had previously indicated that he planned to be present at the Nuclear Summit as moral support for Kim Jong Un and Donald Trump, even if he wasn't officially invited. Given his CNN interview, perhaps he's the one who could have used the moral support.