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.