OneCoin to rule them all

“Imagine you had gotten on the Bitcoin train from the start?” It’s a haunting question for anyone who knew about what was a slowly rising cryptocurrency back in 2009. Created by the mysterious Satoshi Nakamoto (it is still unclear whether this is a real person who has disappeared or a mere pseudonym) the value of Bitcoin has jumped from a few dollars to a sizable $20,000 in late 2017. Today’s BTC value stands at $35.424,40 (status as of 6th of January 2021).

Since then, a myriad of “next Bitcoins” have challenged the incumbent, but have rarely managed to rival the psychological value of Bitcoin. The business adage “it’s about being first” rings true. In 2014, a new self-declared cryptocurrency named OneCoin appeared on the market. Created by the Bulgarian businesswoman Ruja Ignatova, OneCoin pledged to revolutionise the crypto-industry, while its advocates promised to make investors rich. At OneCoin events, “The Bitcoin Killer” sub-headered the background behind keynote speaker Ignatova.

Based out of Bulgaria, OneCoin sold so-called “educational packages”, providing information about cryptocurrency as well as the right to “mine” the currency.