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Trump-Kim Summit: Dennis Rodman-Backed Cryptocurrency Potcoin Soars After Meeting
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Retired American professional basketball player Dennis Rodman arrives at Changi International airport ahead of US-North Korea summit in Singapore on June 11, 2018. - North Korea's Kim Jong Un and US President Donald Trump meet on June 12 for an unprecedented summit in an attempt to address the last festering legacy of the Cold War, with the US President calling it a 'one time shot' at peace. (Photo credit: ADEK BERRY/AFP/Getty Images)



Potcoin, a cryptocurrency geared towards the booming cannabis industry and its fast-growing community, is the first winner from today's historic deal between U.S. president Donald Trump and North Korean leader Kim Jong-un.

The Trump-Kim summit comes after months of negotiations between the two countries but it all might never have happened if not for retired US basketball player-turned diplomat Dennis Rodman, who is on good terms with both Trump and Kim.

Rodman, while not formally invited to the Singapore summit this week, arrived in the city state promising to "give what support is needed" to the two world leaders.

Sporting a shirt blazoned with the potcoin logo, surrounded by the slogan “peace starts in Singapore”, Rodman pushed through crowds of reporters and gave a rambling, incoherent interview to CNN.

As a result of his appearance in Singapore the potcoin price jumped by 20% last night, adding $4 million to its market capitalisation, according to CoinMarketCap data.

[Image: https%3A%2F%2Fblogs-images.forbes.com%2F...ketCap.jpg]


The potcoin price has, like most other cryptocurrencies, struggled in recent months following last year's bull run.

At the beginning of this year it had a market cap of over $90 million but that has since fallen to just over $20 million.

This is though not the first time potcoin has sponsored Rodman’s travel, including a 2017 trip to North Korea that saw Rodman advertise potcoin in a similar way.

That trip also gave the potcoin price a bump, sending it up some 90% from its price the day before Rodman's trip.

potcoin, which was created in 2014, was designed to give U.S. cannabis dispensaries access to banking services as federal law prevents banks and credit unions from doing business with them.

Since then more than half of U.S. states have legalized medical marijuana and eight have voted to legalize it for recreational purposes, but it remains illegal under federal law.

Marijuana is also illegal in Singapore, where the maximum penalty for being caught with the drug is death
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