Bitcoiin Price Explodes with 6,527% Weekly Growth: B2G Imitator on Move

A Bitcoin imitator that goes by the opportunistic name of Bitcoiin just exploded into the market cap top one-hundred after its B2G coin price rose 6,527% over the previous week.

What is Bitcoiin?

Some might recall Bitcoiin (B2G) as the cryptocurrency that was being endorsed by aging action star Steven Seagal back in 2018. The official documentation for the coin suggests even more ambitious future goals, describing itself as:

“…a self-sustaining cryptocurrency, which is transforming the cryptocurrency world by creating a digital ecosystem.”

Seagal, along with the coin’s creators, apparently left the project as soon as the soft cap of $75 million was reached and mining had commenced. This was supposedly part of the plan all along, and was an effort to ensure the project remained open-source and anonymous – although many people saw it in a different light.

But a few months later the New Jersey Bureau of Securities slapped a cease and desist order on Seagal and Bitcoiin for allegedly selling unregistered securities.

However, the team members, who by this point had to return to clear up the mess, remained bullish in the face of possible regulation, stating that the token was a utility not a security:

“Therefore we do not have to comply with SEC, and if ever we were supposed to we would do so.”

What’s B2G For?

The coin has a strong focus on inexpensive mining, and the graphic above shows the mining profitability based on ten Nvidia GTX 1080 GPUs (hardly inexpensive, but an accurate reflection of the market). The full spiel of what B2G encompasses can be summarized thus:

“Bitcoiin’s self-sustaining ecosystem is an open, collaborative environment of a cryptocurrency (B2G), mining ecosystem (Dragon Mining Tech), and a crypto-wallet (B2G wallet). B2G is addressing the current issues that are slowing down the Bitcoin eco-system, longer transactions time, higher transactions fees, fewer earnings to miners, outreach from the ordinary people and most important its core system, the blockchain itself.”

By anyone’s estimation this coin should have died several times over already; either because of its scammy name, its affiliation with Seagal, or through the possibly legitimate FUD that was laid on it by New Jersey’s Securities Bureau. B2G somehow continues to surprise, and should be handled very carefully, if at all.

Bitcoiin Price – B2G/USD

From the weekly low of $0.019463, the value of B2G climbed all the way to a peak of $1.29 – a 6,527% rise.

That peak arrived on Tuesday morning, and from there B2G subsequently lost 62% of its value as it plunged back down to $0.489372. A further slingshot saw the coin climb to the $0.80 range once more, but that reverted to the $0.58 range by Wednesday morning – still enough to keep it in the top hundred.

The Bitcoiin Twitter team were on hand to celebrate the coin’s ascension through the market cap rankings, tweeting:

“B2G has entered CoinMarketCap’s top 100 coins! We have secured partnerships with some of the biggest exchanges, payment processors and mobile wallets which will be announced in the following days. Next stop – top 50!”

Sounds similar to another recent entry into the market cap top hundred which claimed to have the top twenty in its sights before the scandals broke.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.