Should I buy PotCoin after positive news for legalizing cannabis?

PotCoin POT/USD has advanced from $0.014 above $0.030 since the beginning of November 2021, and the current price stands at $0.018.

Cryptocurrency for the global cannabis industry

PotCoin is a digital cryptocurrency solution for the global cannabis industry that allows cannabis enthusiasts to interact and transact mutually. The founders of this project decided to solve banking problems for people looking to transact in legal marijuana since banks cannot legally conduct pot-related business.


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The PotCoin network is available and accessible from anywhere globally while its popularity exploded thanks to the exposure garnered by a famous basketball player Dennis Rodman.

The PotCoin network is truly decentralized, and it is important to mention that it is amongst the most distributed networks in the distributed ledger space. The PotCoin network has a high level of security, and it is continuously working on new features, which is very important for its expanding ecosystem.

PotCoin tokens have the symbol POT, and to interact with this network, you should use POT tokens. POT plays a crucial role in the PotCoin ecosystem, and you can buy it from exchanges or from wallets directly.

The PotCoin community is filled with talented individuals that are continuously working to grow the protocol and community. Potcoin’s community grew 600% overnight in 2017 after Denis Rodman went to North Korea under the sponsorship of this project and negotiated peace between the United States and Kim Jong-un.

Positive news for this project is that a Republican-led bill to legalize and tax marijuana emerges as an alternative to democratic measures. Marijuana Moment announced details based on the draft legislation:

Cannabis would be federally descheduled and treated in a manner similar to alcohol, and a 3.75% excise tax would be imposed on cannabis sales. The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for marijuana, while the Food and Drug Administration (FDA) would be limited in its regulatory authority.

The public is ready to end prohibition, and more than sixty percent of U.S. adults said they tolerate legalizing cannabis. The U.S. market has the potential to be the largest market in the world and is the easiest foreign market to access from a logistical standpoint.

Current resistance stands at $0.025

Technically looking, PotCoin (POT) remains in a buy zone, but if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

POT is currently trading below its recent highs, but if the price jumps above $0.025 resistance, it will signal to trade POT. The next price target could be around $0.030 or even above; still, if the price falls below $0.015 support, it would be a strong “sell” signal.

Summary

PotCoin is a digital cryptocurrency solution for the global cannabis industry that became popular thanks to the exposure garnered by a famous basketball player Dennis Rodman. Positive news for this project is that a Republican-led bill to legalize and tax marijuana emerges as an alternative to democratic measures.

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