Marijuana Crypto Market
A Risky Investment?
To Say the Least
Let's remember one very important fact:
- Marijuana (not hemp) is illegal in all 50 United States.
No matter what your state says about the legalization of marijuana in their state, it is still illegal on a federal level.
So, is the marijuana crypto market a risky investment?
I would say so, however, that's my opinion.
I am not a financial advisor. This is for entertainment purposes only. This is all my opinion and mine alone.
Cryptocurrency in general, is still in its infancy stage, as far as I am concerned. So it's no wonder that cryptocurrencies that refer to cannabis hasn't taken off as well. The question that I ask myself is:
"Does marijuana cryptocurrency have a favorable financial future?"
There are Many Cryptocurrencies
Cryptocurrency & Marijuana
A Perfect Match
You would think that cryptocurrency and the marijuana market would work perfectly together. However, this is currently not the case. Many agree, that in time, when the United States federally legalizes marijuana the marijuana crypto market will take off.
Or Will It...?
There's nothing out there that proves that when/if the United States federally legalizes marijuana the marijuana crypto market will sore. Nothing. Zero proof.
But if it did...
would you really be surprised?
It may skyrocket for a bit, but I feel it would eventually come down. I say this for the simple reason that, what is stopping a customer, at a marijuana dispensary from using XRP, Stellar, or even Bitcoin, than from using PotCoin, KushCoin or any of the other few marijuana cryptocurrencies?
My question is this:
What is marijuana cryptocurrencies "best-use-case"?
What do I mean by "best-use-case"? I mean, what advantage over all other cryptocurrencies does a particular marijuana cryptocurrency have to offer? For example, when it comes to the cryptocurrency "XRP", the transaction takes seconds compared to Bitcoin's 30 minute to a possible 3 hour wait (if at all). This may sound like I'm bashing Bitcoin, I am not. I, in fact, respect Bitcoin. Bitcoin was the first, it opened the door for all other cryptocurrencies.
Not all marijuana cryptocurrencies, such as PotCoin & KushCoin and others that seem to lean a little more towards recreational users, whereas Paragon seems to lean a little more towards those prescribed medicinal marijuana. Some marijuana cryptocurrencies such as HempCoin advocates for the farming of hemp, although they also advocate for the legalization of marijuana, it seems to me that they prefer to remain focus on farming.
With that being said, again I ask... "What's marijuana cryptocurrencies "best-use-case"?
My Final Say
On the Subject of Marijuana Cryptocurrency
It's a risky investment right now either way you look at it. Whether marijuana remains federally illegal or not, who's to say that marijuana cryptocurrencies will be taken more seriously? With states slowly beginning to legalize marijuana one-by-one, what's preventing marijuana cryptocurrencies prices from rising?
Also, with entrepreneurs and CEO's with the likes of the founders of Paragon, it's going to be a long, long time until marijuana cryptocurrencies are taken a bit more seriously.
I have invested in marijuana cryptocurrencies and also invested in some marijuana stock as well.
Because you never know.
However, I never invest more than I am willing to lose.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2020 James Timothy Peters