Popular global cryptocurrency- Bitcoin, is set to be introduced as the new currency for MMM Nigeria participants as part of its comeback plans this January.
Bitcoin, the increasingly popular digital currency is said to be the world’s best performing currency in 2016, appreciating by more than 100 percent , from about $400 per bitcoin to over $1,000 per bitcoin.
Before participants accounts were frozen in December, investors were allowed to provide help in bitcoin, but were paid back in naira.
Interestingly, MMM Nigeria’s new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.
In a statement to participants, MMM Nigeria said:
“Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.
“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 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 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).
“Now, you have a chance to have 30 percent 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 percent monthly growth rate.
“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.
“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!”
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As at last Friday, the surging digital currency fell to $887, with China tightening rules to curb capital outflows. The currency is tipped to become a new safe haven asset as the world grapples with growing economic uncertainties.