A cryptocurrency investment scheme called Bitcoin Revolution has recently garnered interest worldwide with its claim that investors could easily earn over $1,000 a day. They could even become millionaires within 61 days using the Bitcoin Revolution app. However, this is a scam and it recently ran into trouble with the Securities and Exchange Commission of the Philippines.
Bitcoin Revolution Scam Promises $1,000+ a Day
The Bitcoin Revolution investment scheme has been around for quite some time but it has recently gathered more interest as the coronavirus outbreak intensifies and people are struggling to find more income due to job losses and other economic factors.
The Bitcoin Revolution app claims to be “automated trading software that has been designed to trade the bitcoin and cryptocurrency markets,” its website states. For those looking to figure out if the Bitcoin Revolution app is a legit investment opportunity or a scam, there are several red flags to note. Firstly, the Bitcoin Revolution website is a cookie-cutter website that is shared by many other known scams — 10 of which are featured in our article on Bitcoin Superstar and Bitcoin Era.
Boasting that its app has “a very high success rate of over 99%,” the Bitcoin Revolution website claims: “This means that most of the trades it enters into end successfully. What this means is that you could be earning over $1,000 a day.”
To lure unsuspecting investors, Bitcoin Revolution and other scams using the same website format make themselves seem like they have been endorsed by celebrities. Their promo video features Virgin Group founder Richard Branson, Microsoft founder Bill Gates, Google’s Eric Schmidt, and Virgin Galactic chairman Chamath Palihapitiya.
People from various countries have been drawn to Bitcoin Revolution hoping that it would be a safe investment option during the coronavirus pandemic, including those in Australia, Europe, Singapore, the UAE, El Salvador, and South Africa.
Trouble With Government
Several similar scams have gotten into trouble with the government of various countries. On Tuesday, the Securities and Exchange Commission Philippines issued a warning about Bitcoin Revolution. In addition to stating that this investment scheme is not authorized to do business in the country, the Commission warned of several red flags, including asking for an upfront investment and promising outrageous returns that sound too good to be true.
The Philippine SEC wrote:
Bitcoin Revolution claims that for a minimum investment of two hundred fifty dollars ($250.00), investors can earn as much as one thousand dollars ($1,000.00) or three hundred percent (300%) per day or a total of nine thousand percent (9,000%) per month.
Furthermore, the Commission explained: “Bitcoin Revolution asserts that its software enables anyone to trade bitcoins and other cryptocurrencies easily with a success rate ranging between eighty-eight percent (88%) to ninety-five percent (95%) per transaction which makes the profit potential limitless making some of its investors millionaires in just sixty-one (61) days … Bitcoin Revolution added that its software is designed to eliminate the need to spend hours analyzing the markets as the program will do all the work for the investors. All they need to do is to sit back and watch their profits grow.”
However, as with all scams, anyone uploading money into their account at Bitcoin Revolution is unlikely to ever see that money again. When searching for investment opportunities online, take caution as there is an increasing number of scams during this global pandemic.
What do you think of Bitcoin Revolution? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Revolution
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