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Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit

With all eyes on Singapore this week, was it any surprise crypto would make an appearance?

The historic summit between U.S. President Donald Trump and North Korea’s Supreme Leader Kim Jong Un got the crypto community’s attention – and held it – thanks to Dennis Rodman and the notorious cryptocurrency that funded his travel to Singapore, potcoin.

CoinDesk reported on June 7 that retired basketball star Dennis Rodman was headed to Singapore for the Summit with the help of the marijuana-themed cryptocurrency. As a celebrity who have visited North Korea several times, Rodman’s trip was considered as “a celebrity twist” to the historical geopolitical event.

According to The Washington Post, Rodman was “in discussions with” the team behind potcoin last week to get financial support for the trip. He later officially confirmed the news on Twitter highlighting the fact his trip was sponsored by the group:

In fact, it is not the first time that potcoin has helped Rodman with his travels.

Just last year in June, the former Chicago Bulls star went back North Korea through potcoin’s sponsorship. At the time, the price of cryptocurrency spiked as Rod announced the news on Twitter in a “potcoin” t-shirt and a baseball cap.


Launched in 2014, potcoin claims it is “the first digital currency created to facilitate transactions within the legalized cannabis industry” on its website. By which, it means that it gives marijuana dispensaries and farmers an alternative to other financial institutions like a bank when they trade.

And that leads us to the day when we have Rodman, crying, on CNN from Singapore wearing a “Making America Great Again” and it makes the crypto world looks no worse than ever.


Oh yeah, he was also wearing a potcoin shirt.

Good for potcoin?

Shawn Perez, a potcoin spokesman told The Post that the trip would be a “peace mission,” but many suspected it was purely a trip to promote potcoin’s brand.

ESPN reporter Darren Rovell tweeted that the advertising Rodman garnered for potcoin in the moment was worth $4.1 million.


Though Virginia Heffernan, editor at WIRED, thinks the advertising would only have counterproductive effect. Potcoin is, after all, trying to disrupt payments (a real industry).

2018 jumps the shark?

For most of Twitter users, though, it was just a weird moment that is really, really, really hard to digest.

As it is now, the price of potcoin, which is ranked No. 315 on CoinMarketCap, spiked in the last 24 hours, according to ConMarketCap’s data.

Image via Twitter

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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PotCoin Might Sponsor Dennis Rodman's Trip to Trump-Kim Summit

Retired basketball star Dennis Rodman might be headed to Singapore for the upcoming summit between U.S. president Donald Trump and North Korean dictator Kim Jong-un – and he might have PotCoin’s help to dit.

Rodman – who has promoted the marijuana-themed cryptocurrency in the past – is reportedly mulling a visit to Singapore, according to his representatives. Having visited North Korea several times (though not without controversy), Rodman’s possible visit would present a celebrity twist to what is shaping up to a be a major geopolitical event this month.

According to the Washington Post, Rodman is “in discussions with” the Canada-based startup behind PotCoin to get backing for the trip. PotCoin spokesperson Shawn Perez told the newspaper that Rodman is on a “peace mission.”

Perez went on to tell the Post:

“The PotCoin team as a community has been incredibly supportive of Rodman’s peace mission from the beginning. We’re thrilled to see how the political climate has improved between North Korea and the U.S. since he became involved.”

According to the report, Rodman’s agent, Chris Volo, said details of the trip were still being worked out. Perez similarly did not provide any specifics as to the trip.

It is unclear whether Rodman will attend the summit itself or only be in Singapore during the event. The Washington Post reported that the U.S. State Department noted that Rodman is “not a representative of the U.S. government.”

PotCoin did not respond to a request for comment by press time.

Trump photo via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.