November 4th, the price of the cryptocurrency bitcoin surged to $490 touching the highest level in more than a year. According to Financial Times, the price was boosted by the increasing popularity of “social financial network” called MMM, which was created by Sergey Mavrodi, a former Russian parliamentarian jailed for fraud.
New members of MMM have to buy bitcoins to join the scheme. Then, the bitcoins are sent to other members of the network as “mutual aid”. New participants are promised a 30% return per month with bonuses for referrals and posting testimonials online.
“Today, on October 31, I received 20% interest and a bonus as a recommender, for a total of $7,750. I truly experienced the greatness of 3M and the sincerity of all the participants,” said Wen Qiang, one of the hundreds of MMM evangelists taking their videos to YouTube in the past 24 hours.
October 24th, 2015, the price of the cryptocurrency showed an unexpected growth. October 28th, it hit $300 for the first time since July. From October 31st to November 4th, bitcoin jumped by $121. During recent month, the virtual currency has doubled its value.
