The rise of cryptocurrency was arguably the biggest topic of the tech world in 2017 but it is also worth pointing out that marijuana legalization was also a hotly debated subject. Just like the cryptocurrency market, the marijuana industry was also characterized by significant gains. A combination of the two through Potcoin might have a lot to offer.
Just like cryptocurrency prices, marijuana stocks were also on a strong bullish trend in 2017. The cryptocurrency market had a lot of investors jumping on board to take advantage of the impressive gains after early adopters reaped massively and this fueled the prices, thus leading to immense growth over a short period of time. The same happened for the marijuana industry especially due to its legalization for medical use in many of the states in the U.S.A as well as legalization for recreational use in a few states. This legalization resulted in more sales and thus the strong performance of marijuana companies.
Some industry experts had already thought of bringing the two industries together and Potcoin was the result of that idea. It was created in 2014 to facilitate marijuana payments for the legalized pot industry. The Potcoin cryptocurrency was the result of a Litecoin Fork and this means that it is operated on the same blockchain as Litecoin. The two have a lot of similarities but Potcoin has a higher maximum of available coins, a faster halving schedule, and a shorter block generation period.
Potcoin has a very good reason for existing in the market. Marijuana is still considered illegal by the Federal government and despite gaining legal status in various states. Banks are usually regulated via statutes enforced by the Federal government, meaning they cannot offer financial services to marijuana businesses. Potcoin solves this problem by acting as a payment processing alternative.
Performance and Forecast
Potcoin has been on a bearish trend this week with price dropping from a high of $0.184 on Monday to a low of $0.135 on Wednesday. However, the price has been showing signs of recovery and it was at $ 0.148 at the time of this press, with the market cap at the time of this press. The price of the cryptocurrency has also been largely on a bearish trend over the past few months, thus aligning with the overall trend in the cryptocurrency market which affected most of the crypto assets. It is also worth noting that the price has largely been on a bullish trend especially for the better part of 2017. Meanwhile, the lack of an intrinsic value makes it tough to forecast the future performance of the cryptocurrency. However, changes in the attitude of the Federal government’s stance on Marijuana and improvements in the markets might encourage significant upticks in the stock. It would also help greatly if the cryptocurrency was adopted at a higher scale.
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