Recently, Tim Seymour, also known as the cannabis king, featured on CNBC’s Fast Money where he stated the difference between cannabis and cryptocurrency with the help of a Venn diagram.
Tim stated that both cryptocurrency and cannabis were subject to manipulation. He mentioned:
“I think the dynamic here is people are very concerned especially the SEC on regulated markets or markets that are very thin with big liquidity clothes are subject to manipulation”
Tim further explained that both the industries wanted more regulation and the bottom line here was that regulation actually meant something which would give them a path forward. Both the industries deserved to be in the regulatory world and investors have been embracing it.
Tim spoke about the volatility of cannabis and cryptocurrency, he stated that both were less transparent asset classes and less liquid asset classes thus volatility would remain prevalent, especially with the current valuations.
Tim illustrated the difference between cryptocurrency and cannabis, He stated that cannabis was a plant and it was a commodity whereas cryptocurrency is not a commodity even if it is CFTC [Commodity Futures Trading Commission] regulated. Tim also stated that the criminal elements were higher in the cryptocurrency world and it was more prone to criminal activity.
He further mentioned that many individuals were concerned about the criminals who were looking to extort money in the cryptocurrency world through the interweb and other negative places. The next aspect he spoke about was the speculation in both the industries, he opined that a lot of the people who were trading cryptocurrencies were trading it only because it was so volatile and the speculation was better than ever.
In a recent post, Virtual Crypto Technologies Ltd stated their project which aimed at developing a new cryptocurrency based payment solution for cannabis sales. Their agenda was to allocate an alternate source of payment to the people and ensure that the transactions would be safer and more seamless.
Mark Mason, the Dash international Outreach Coordinator gave a speech in The House of Commons [UK Parliment] where he stated that Dash will be the next PayPal of the legal cannabis industry.
Willywonka posted on Twitter:
“Yup #CNBC are attempting to drive down prices. Looking to exit #cannabis industry after pump and back into #crypto”
“The cannabis market will see lots of growth over the next decade; the crypto market will see lots of growth over the next century”
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