Amid speculation that the rate of Bitcoin adoption will increase in Nigeria, particularly if and when the MMM scheme returns to implement a related new option for its members, local cryptography expert Fadele Adeolu believes there is a need for greater awareness of the digital currency to ensure consumer protection.

The MMM scheme, which suspended its activities in Nigeria last month for a scheduled comeback in January, reportedly resumed operation on 12 January following several days of speculation that it may have collapsed.

In one of its recent postings on its Nigerian website, the Sergey Mavrodi-led MMM scheme notes that it will be introducing the new option in its system to allow members take advantage of Bitcoin's market standing as a hedge against naira fluctuations.

The Mavro-BTC option will tag alongside the Mavro-Naira which Nigerians have been using to support each other, it says on the website, adding:

"It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins). Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth."

A 30% monthly growth on the price of Bitcoin cannot be guaranteed by any authority because of currency's volatility rate. Several global macroeconomic factors determine the direction Bitcoin's price goes and many of them are indeterminate.

For example, there is speculation within the Bitcoin community that the ascension of Donald Trump into office and the launch of Mega Upload 2.0 by Kim DotCom will impact the price of the cryptocurrncy.

MMM says on the website that members can return to naira at any time by instantly converting their Mavro-BTC into Mavro-Naira in the event the price of Bitcoin either slips or increases.

The proposed Mavro-BTC option is likely to drive further interest in Bitcoin. Adeolu, who founded the Cryptography Development Initiative of Nigeria, warns on the need to tread cautiously.

"All network marketing or crowdfunding schemes need a medium for transaction and a form of currency. Normally they make use of any available transaction platform available to their target audience. The biggest risk in schemes like MMM is the idea of a central account controlled by the organiser. The use of Bitcoin can help fight Ponzi schemes. It can help the user insist on smart contracts that guarantees their investment safety. But Bitcoin cannot stop people from subscribing to Ponzi schemes. Only awareness can help do that," says Adeolu.

Dubbed the world's best performing currency for 2016, Bitcoin price had risen to as high as US$1185 in the first week of 2017 - compared to over $400 in January 2016 - before it slumped to the US$900 range following reported clampdowns on Bitcoin exchanges by authorities in China to curb capital outflow.