Bitconnect, the well publicised Ponzi scheme, disguised as an “investment platform” looks to be making a return. A Bitconnect v2.0 Twitter account Tweeted over the weekend that 2.0 is planned to go live on July 1st. Whilst the threat of scams like this should be made well known, people are making a valid point that this is another indicator that we are in a bullish market.
The original platform consisted of people investing their money into the Bitconnect Coin (BCC) with Bitcoin, with a daily interest return of 0.25% promised. Like any pyramid scheme, those who managed to get in and out early made some handsome profits. However, the ones who were late to the party were burnt badly when the value of $BCC went from over $500 to $1 and then practically $0.
Many people had invested significant amounts of their capital into the platform, and eventually, the truth behind their “investment” came out. The crypto space was rife with comments and memes about the inevitable downfall of BCC. Had the reality of v1.0 not kept people away, it will be interesting to see what v.2.0 (if actually real) promises and whether it really is a notable bull market indicator.
Image licensed via Shutterstock