Interest seems to be increasing in the coin, which is one of the many currencies targeting marijuana dispensaries and other legal marijuana entities which have banking issues due to federal regulations in the United States. Speculators, too, have seen utility in the coin, having gained roughly 1000% over the few weeks since June 25th.
As seen in the chart below, a steady incline has been tread by the trades, and there is significant volume at the upper end – around about 0.00000110 bitcoins each. This may not seem like a great deal of value, but consider that many of the more than 1,000 alternative coins in the world have just 1 Satoshi (0.00000001) in value, with a small minority of perhaps 20-30 coins holding most of the bitcoins people have invested.
Another point that sets HMP apart is its marketplace, and this might be a contributing factor to people’s willingness to purchase the coin. The marketplace allows anyone to transact in the coin, and is available directly through its official website. The website, however, admittedly, is sparse on actual information about the coin.
Nevertheless, a rise of this magnitude is noteworthy for any altcoin, especially one which faces direct competition for investment from the likes of veteran heavyweight Potcoin, which is currently trading around 180 Satoshis – not so very much higher than HempCoin. There are several others in the sphere of the marijuana and medical marijuana industries, as well, including MaryJaneCoin and CannabisCoin.
All of them have a common goal: subvert governmental quiet wars against newly legalized industries and help people mitigate robberies. Since dispensary owners can buy bitcoins with cash, it is feasible they can then save their money in Bitcoin and any of the above currencies. More to the point, there are dispensaries which accept various cryptocurrencies in lieu of cash – for these reasons, specifically. The more cash there is in one place, the more of a target for violent criminals it becomes. The problem has been ongoing for legal marijuana traders for years, and coins like HempCoin are probably a step in the right direction.
Any libertarian dreams of a world where men and women are free to buy and sell what they please, with the exception of other human beings, without arbitrary restriction from bureaucrats who’ve proven to mostly be about the money themselves. Such a world may never come, and banks will probably always have to worry about the source of the funds they steward. But stealing cryptocurrency is significantly harder than robbing a dispensary, and so the marriage of cryptocurrency and marijuana businesses seems natural. Even after the federal government and banks eventually relent and let the new marijuana moguls do business with them, cyptocurrency will still represent a more convenient way to have access to funds on hand.
By creating their own tokens of exchange for various industries, including the marijuana industry, free, forward-thinking people are able to leverage trading at crucial times and potentially avoid price swings at others. Despite its age of about seven years, the cryptocurrency revolution is really only just beginning. The future may yield even more interesting ways that cryptocurrencies can serve businesses who otherwise have no means to protect their investment.
Featured image from Shutterstock.
Last modified: June 10, 2020 9:22 PM UTC