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Pay With Bitcoin pill shaped image with orange Bitcoin logo.

Bitcoin T-shirts

Pay With Lightning pill shaped image with orange Bitcoin Lightning logo.
Pay With Bitcoin pill shaped image with orange Bitcoin logo.

Is Bitcoin A Fraud, Scam, Ponzi or Pyramid Scheme?

Good question.

On Nov 2, 2023, The U.S. Justice Dept convicted Sam Bankman-Fried (SBF) of committing wire, commodities, and securities fraud, and money laundering. And the FBI played a vital role.

Let’s see what the FBI considers a fraud, scam, Ponzi or pyramid scheme:

  • Fraud schemes will try to lure you in with the promise of low- or no-risk investments
  • Scammers often ask for upfront cash in exchange for guaranteed future returns
  • Ponzi schemes use current investors’ money to pay previous investors
  • Pyramid schemes ask you to bring in new investors to make a profit or recoup your investment

So, is Bitcoin a fraud, scam, Ponzi or pyramid scheme?

  • Did the Justice Dept / U.S. Attorney prosecute and convict Bitcoin of fraud and money laundering? NO.
  • Did the Justice Dept / U.S. Attorney prosecute and convict Sam Bankman-Fried of fraud and money laundering? YES.

Click here to report investment fraud to the FBI.

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Bitcoin Resources

The Bitcoin Standard

by Saifedean Ammous

Bitcoin Whitepaper

by Satoshi Nakamoto

Not Your Keys, Not Your Coins

by Andreas M. Antonopoulos

Pay With Lightning pill shaped image with orange Bitcoin Lightning logo.
Pay With Bitcoin pill shaped image with orange Bitcoin logo.