Bitconnect: The Wannabe Bitcoin Ponzi Scheme | Multi Level Mondays
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Introduction
Multilevel Mondays is a weekly series all about pyramid schemes, Ponzi schemes, multilevel marketing, and other forms of business fraud. Today we're going to talk about BitConnect, the cryptocurrency Ponzi scheme. Though founded in 2015, BitConnect was released in 2016 with the purpose of being a platform where people could lend out Bitcoin for interest. According to their old website, someone could receive daily profit based on their investment option. Some sources say that up to 30% or more of a thousand people interviewed on Wall Street found Bitcoin incredibly confusing when they first heard about it. Yet, 44% of them still ended up purchasing Bitcoin anyway.
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