Bitcoin price drops 1.4% on Friday morning

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Bitcoin was trading down 1.4% on Friday morning.

The price was around $ 49,400 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,800 and 29 cents per coin, respectively, according to Coindesk.

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A man who participated in what prosecutors called a “manual Ponzi scheme” pleaded guilty to defrauding cryptocurrency investors worldwide of more than $ 2 billion.

Prosecutors said Glenn Arcaro of Los Angeles was atop the North American arm of the BitConnect pyramid investment scheme, the San Diego Union-Tribune reported.

Arcaro pleaded guilty in a United States district court to conspiracy to commit wire fraud and admitted in his plea agreement that he made “no less than $ 24 million from the BitConnect fraud conspiracy,” he said. said the newspaper.

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As part of its plea, Arcaro must repay this money to investors. He faces up to 20 years in prison.

He will be sentenced on November 15.

“The BitConnect program is considered the biggest cryptocurrency fraud ever to be criminally charged,” the US attorney’s office said in a statement.

“In truth, BitConnect exploited a manual Ponzi scheme by paying BitConnect’s early investors with money from subsequent investors,” prosecutors said.

In other cryptocurrency news, the majority of Salvadorans polled disagree with the government’s decision to adopt bitcoin as legal tender, according to Reuters.

A survey from the University of Central America showed that many do not know how to use digital currency and are wary of the project.

At least 67.9% of the 1,281 respondents said they disagree or strongly disagree with the use of bitcoin as legal tender.

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The cryptocurrency will be legal tender in El Salvador on September 7.

The survey also showed that most Salvadorans believe that the main beneficiaries will be wealthy foreign investors, the government and business leaders.

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