New Bitcoin Scam Uses Michael D. Higgins In Fake Endorsement

Bitcoin is on the rise and gaining enormous popularity these days, and even the Biggest Bitcoin skeptics can’t dispute this fact. In fact, Kraken just obtained a permit to open the first Bitcoin Bank in the world, and many investors are looking to diversify their portfolio since they believe virtual currencies are the future of the global economy.

This fact has not escaped the attention of scammers who are piggybacking on Bitcoin’s popularity and the massive mediate media exposure its constantly receiving. This time they are using the name and reputation of Ireland’s President Michael D. Higgins to promote a get-rich-quick scheme named Bitcoin Era.

Who Is Responsible For This?

The masterminds behind this scheme are affiliate networks who are have partnered with unethical CFD (contract for difference) brokers. These brokers are unregulated in most cases; and will do their utmost to extract as much money from their victims in the fastest possible way. This is because the victims’ loss is the brokers’ profit, and that is where the conflict of interest becomes intolerable.

What Is A Bitcoin Trading Robot?

Most of these schemes are passed off as automated trading systems which operate independently and generate profits on autopilot. In most cases viewers will even hear all kinds of tall tales about belonging to an exclusive club of new Bitcoin Millionaires who had the foresight to invest and are now financially independent. In reality when victims sign-up they are usually registering for offshore brokers and in many instances there is no software at all.

Fake Celebrity Endorsements – Nothing New!

There is a very long and distinguished list of celebrities, politicians, and high-profile public figures which are constantly being used to promote crypto scams. Some of these names include the likes of Elon Musk, Richard Branson, Harry and Meghan, Martin Lewis, Members of the Dragon’s Den cast, Gordon Ramsay, as well as politicians like Jacinda Ardern and Cyril Ramaphosa.

A Grim Outlook For The Future

People tend to believe celebrities because its’ easy to relate to them on a personal basis. This is also the reason you will see Daniel Craig selling Omega watches or George Clooney selling Nespresso coffee tablets. But when scammers start using celebrities to bait victims a lot of people lose money, and in many cases these people are left penniless and heartbroken.

How To Avoid The Scam

First of all do you research! The information is out there you just need to go out and find it. Secondly, before investing always consult a friend or relative. In most cases you will receive an honest answer which will help you make an informed decision. Finally, try to remember that if it sounds to good to be true it usually is. So if you start seeing inflated bank accounts or exaggerated claims of easy money, you need to push the skip button and move on to something else before you end up with an empty wallet and hefty dose of grief.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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