MMM Nigeria has introduced Bitcoin, as part of its mode of payment from January 14, in its comeback plans for the new year.
The Ponzi scheme, which froze accounts of its three million participants on December 13, said the decision is due to the recent sharp price fluctuations of Bitcoin.
Fact check shows that Bitcoin is said to be the world’s best performing currency in 2016. It is a form of digital currency, created and held electronically. It is a cryptocurrency – which relies on encrypted peer-to-peer transactions between users.
The Bitcoin, which shot up 125 percent in value last year alone, is now fast approaching its all-time high of $1,163 in late 2013, and stands at $1,027.53 at time of writing per price index.
“Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the System”, MMM said in a message sent to participants.
The Administration of the scheme further explain what the introduction means for participants going forward.
The statement reads in part; “So far we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO. It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins).
“Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth, the statement said.
“And what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again). This option is available in PO. You can convert both confirmed and unconfirmed Mavro.
“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable! :-)), MMM said.
Well, I’m not into MMM, but introducing Bitcoin as mode or method of payment is quite intelligent. But, many Nigerians don’t know how this works. That alone would discourage them from participating. Those who sheepishly ventured into it might also lose their resources as well.