The marijuana-centric blockchain project potcoin is making headlines, and for a completely random reason. Basketball legend and botanical enthusiast Dennis Rodman could be headed to Singapore, and potcoin’s backers may agree to sponsor him. The reason? So the ever-controversial figure can meet his friend, North Korea’s Kim Jong-un.
The proposed event coincides with a truly unprecedented meeting between President Donald Trump and the so-called third “Supreme Leader of North Korea.” Scheduled for June 12, no sitting U.S. president has ever met with a North Korean dictator. Furthermore, the meeting was jeopardized several days ago as Trump balked at Kim’s bellicose attitude.
Now, the sentiment has apparently done a 360. Not only is the meeting still on at the time of this writing, the president indicated that he may invite Kim to the White House if negotiations go well.
Needless to say, that’s a significant departure from prior U.S. foreign policy. Previously, former President Bill Clinton traveled to North Korea to negotiate a hostage release. Also, former President Jimmy Carter visited the rogue nation three times for diplomatic purposes.
This is not the first time potcoin and its development team engaged Rodman for a high-profile event. Last year, the cryptocurrency project sponsored the retired basketball star’s trip to the hermit nation. That trip was a marketer’s dream. Covered head-to-toe in potcoin apparel, Rodman brought the brand to the mainstream consciousness.
It also sparked an investment frenzy, albeit short-lived. According to Business Insider, the digital token’s market capitalization jumped 84% but plummeted a day later.
It’s not a stretch to assume that the potcoin founders are seeking a repeat performance. Year-to-date, the token has lost more than 75% of its value. Another Dennis Rodman media frenzy is just what the doctor ordered.
Securing the Rodman Sponsorship Huge for Potcoin
Currently, potcoin has two factors working in its favor. First, the development team is apparently close to inking a deal with Rodman. According to The Washington Times, the virtual currency’s executives and Rodman are engaged in ongoing discussions. Both parties’ representatives described the overall situation using optimistic language.
Second, the meeting between Trump and Kim Jong-un could lay the foundation for peace in the Korean peninsula. If this occurs, the meeting between the two would be remembered in the same light as the Berlin Wall falling. In other words, it’s an opportunity for potcoin to forever insert itself into a landmark event.
Although the situation is far from cemented, imagine the ripple effect. If by the unlikely chance Kim speaks with Rodman, the photo op would reverberate internationally. Certainly, it will be a footnote in the annals of history, but it will be one of the biggest of its kind.
If history books aren’t willing to recognize Rodman and potcoin, business and marketing texts surely will. I’m not being hyperbolic when I say potcoin sponsorship would represent the greatest marketing coup ever.
Furthermore, nothing prevents Rodman from going to Singapore in his attempt to speak with Kim Jong-un. A U.S. State Department spokesperson made it clear that Rodman’s proposed trip is not officially recognized nor endorsed. It’s obvious that our government doesn’t like the idea.
Trump has routinely demonstrated that he cares about his public perception, perhaps more so than prior presidents. With Rodman around, Trump risks going off-message, something that he does without distractions.
But what is anybody going to do to stop Rodman and potcoin? The meeting takes place in a foreign jurisdiction. Even if ultimately unsuccessful, our government can’t prevent Rodman from trying.
Speculate on Rodman, Invest in the Blockchain’s Potential
Should you speculate, then, on potcoin based on Rodman’s disruptive plan? My answer: Sure, why not? I’m not advocating that you mortgage the house on either potcoin or on this single event. Cryptocurrencies are incredibly volatile, and alternative cryptos are even more so.
But from a longer-term perspective, potcoin’s success depends not on Rodman but the burgeoning blockchain economy. What I mean is that cryptocurrencies are no longer just about offering investment vehicles. Instead, they actually serve a practical purpose.
For potcoin, that involves providing an alternative payment ecosystem for the marijuana industry. In a way, this blockchain project is the quintessential middle finger to the establishment. Marijuana legalization represents a dramatic split from prior generation’s moral qualms. Likewise, many view cryptocurrencies as a break from long established, government-backed monetary systems.
But again, no matter how great blockchain projects appear, their underlying digital tokens are risky. Potcoin is among the most volatile of this asset class, which is saying something.
I like this altcoin’s chances if you understand the risks. Thanks to the rapidly-growing marijuana industry, blockchain enthusiasm, and even Dennis Rodman, potcoin has upside potential.
As of this writing, Josh Enomoto is long potcoin and bitcoin.