I've been to a MLM conference once (or well, a conference by a company who distributed purely via MLM) and I saw people buying into it as well. When I googled them (this was back around 2006), I saw tons of domains and websites with these products all from people with their own "company" (lol).
You know what sells? Sampling, and success stories. The first thing I got told is that I must believe in the product. Yeah, that's true with any product, but where's the proof? Well, you can convince people with sampling. As for the success stories, people high on the pyramid are around at these conferences as well. The brother of my aunt (cold side) had earned more than a million with this MLM scheme. Which got me to check out the conference in the first place. At the conference he appeared to be well respected within the scene. I didn't know this beforehand (my aunt told me afterwards even though she got me in contact with him) but what did he do before that? Well, he was in a cult. Now he was a hardcore Christian in a MLM scheme. As they say, "the apple doesn't fall far from the tree."
I'm not at all surprised there's these MLM-esque videos related to cryptocurrency out there. As far's I'm concerned, BitConnect is just the tip of the iceberg. We haven't witnessed the mask falling from Tether yet (many red flags have been raised though), nor Bitcoin in general (many red flags as well). Bitcoin value has been going down the past days, btw, even before BitConnect announcement. You can esp see the decline from Jan 15.