If you’re worried you missed out on Bitcoin, it’s not too late to scoop cryptocurrencies you can afford. You likely have never considered adding a psychedelic to your investment portfolio, but psychedelic cryptocurrency is here. And a new offering from the Psilocybin Academy is testing the market to see if they can attract investors who care about more than just the security, privacy and fuck-the-system appeal of other cryptocurrencies.
Their offering is part of America’s once slow-moving psychedelic revolution. While still under the radar of many Americans, psychedelics are now big money and it’s projected to only get bigger. With the marketplace so new, smaller operations have a chance to not just join the revolution, but help define it.
For PsiloCoin, that means more than making millions. Proceeds from sales will go to support the academy’s work to educate, train and expand the minds of those looking to become experts in these once-outlawed substances now being lauded for their medical properties and potential alike.
“It has definitely exceeded our expectations so far,” Maurice Bright, the chair of PsiloCoin Foundation (CRYPTO: $PSILO) and chancellor at Psilocybin Academy, tells The News Station.
One of the project’s goals is to provide donations for open-source drug research.
The project is still in its early stages and so far 49.51 $PSILO coins have been bought, while another 19.5 $PSILO has been claimed.
The psychedelic cryptocurrency has a fixed number of coins, which means you cannot mine more psychedelic cryptocurrency (i.e., computing technology cannot generate additional currency). Only 30,000 PsiloCoins will ever be released.
The coins are currently available for $200 on the Psilocybin Academy website.
The coin was launched on October 1 on the blockchain Ethereum. A blockchain is a public recording or financial transaction that exists online, allowing everyone with access to the blockchain to verify individual transactions.
The Psilocybin Academy has traded $12,345.90 USD for their PsiloCoins in the past year.
The Psilocybin Academy will not put all of the cryptocurrency on the market at once. Five thousand $PSILO will be made inaccessible (sometimes referred to as being “iced”) until January 2026. Another 1,000 $PSILO will be inaccessible until January 2023 and 7,000 $PSILO will be stored in their equivalent of a treasury. All of this is meant to preserve the longevity of the cryptocurrency.
The Academy also plans to pay salaries with the currency and have giveaways of PsiloCoin.
Additionally, it plans to give $15,000 to the Usona Institute. The institute’s mission is to conduct and support “pre-clinical and clinical research to further the understanding of the therapeutic effects of psilocybin and other consciousness-expanding medicines.”