The El Salvador Freedom Visa program opens the path to citizenship to 1000 crypto millionaires per year in a bid to build a stronger economy.
Nearly three years after El Salvador made headlines by adopting Bitcoin (BTC) as legal tender alongside the United States dollar, the country has grown into a robust economic hub in Latin America. El Salvador President Nayib Bukele has remained steadfast in transforming the country to an improved financial position despite the heavy criticism from Western banking institutions like the World Bank. Moreover, El Salvador could be in profit if it decided to sell its Bitcoin bag at current prices. As a result, the hope for El Salvador to turn to Singapore for the Asian market has significantly increased in the past year with Wall Street fund managers running to buy Bitcoin-backed bonds.
El Salvador Welcomes Crypto Millionaires for Freedom Citizenship
In a bid to ensure sustainable future growth prospects, El Salvador has opened a new program that welcomes global crypto millionaires and billionaires to obtain instant citizenship. According to the program’s official website, the future of El Salvador can easily be built with like-minded individuals from all backgrounds. Moreover, El Salvador’s Freedom Visa includes a $1 million fee to be paid in Bitcoin or Tether (USDT) in a bid to obtain the country’s passport and begin the process of citizenship.
Notably, the El Salvador Freedom Visa program is capped at 1000 individuals per year. Less than a week after the launch of the El Salvador Freedom Visa initiative program, Max Keiser, a renowned journalist who now serves as the personal advisor on matters related to cryptocurrency to President Bukele, has announced that 153 slots have already been booked. As a result, El Salvador now has $153 million to make strategic investments and improve its infrastructure which helps in acquiring more Bitcoins daily.
153 have signed up so far. That’s $153,000,000 in donations for the #BukeleMiracle in #ElSalvador. https://t.co/n97s1yMGS7 https://t.co/NIms2mHYLt
— Max Keiser (@maxkeiser) December 10, 2023
Notably, El Salvador has partnered with Tether USDT to ensure the Freedom Visa program is a success. Moreover, Tether has verified liquidity and is the leading private stablecoin project that runs on multi-chain decentralized protocols.
Market Implications
El Salvador is using the success of Bitcoin to become a debt-free nation by 2023 without pressing on the burdened taxpayers. Reportedly, the cost of living in El Salvador has reduced by half in the past year thanks to the Bitcoin strategy. Moreover, the country’s tourism sector has significantly improved, which has a direct impact on the country’s gross domestic product (GDP).
Meanwhile, Bitcoin price has continued to gain bullish traction compared to traditional investment products like treasury bonds and stock indexes. As of this report, Bitcoin price exchanged around $41.8k, up more than 151 percent year-to-date, while Gold and the Dow Jones Industrial Average Index have gained less than 10 percent YTD.
