Opportunity to Gain EU Citizenship Through Bitcoin Investment in Portugal
A new avenue has opened up for Bitcoin holders this year to acquire European Union citizenship through Portugal’s Golden Visa program. By investing in the cryptocurrency through a specific fund, investors can now access this opportunity. The Unbound Fund, co-founded by Alessandro Palombo, is pioneering this initiative, enabling investors to qualify for the Portuguese Golden Visa program by holding a significant amount of Bitcoin indirectly.
EU Citizenship Eligibility with Bitcoin Investment
- Hold Bitcoin worth at least 500,000 euros to be eligible for the Portugal Golden Residence Permit Program.
- The program offers a five-year residence-by-investment opportunity for non-EU nationals.
- The Unbound Fund focuses on companies with passive Bitcoin holdings and avoids market timing for BTC sales.
- Invests in BlackRock ETFs for added security and simplicity.
Bitcoin for Greater Freedom of Movement
Alessandro Palombo emphasized the potential of Bitcoin as a tool for enhancing freedom of movement. He shared his personal decision to reside in Portugal with his family, highlighting the benefits of the European citizen-by-investment program for strategic reasons. The fund has already onboarded clients and is engaging with complementary teams to expand this unique offering.
Bitcoin Price Surge and Market Activity
In recent days, the cryptocurrency market has witnessed significant activity, particularly with Bitcoin’s price surge. On July 22, the price of Bitcoin reached its highest level in 40 days, reaching $68,518 on certain platforms. This surge, almost 20% over ten days, has been attributed to several factors:
Factors Driving Bitcoin Price Surge
- Conclusion of the German government’s Bitcoin sell-off.
- Increased investor confidence in a potential interest rate cut by the U.S. Federal Reserve in 2024.
- Professional traders showing optimism reflected in the Bitcoin futures premium reaching a five-week high.
Potential Price Movements
Analysts suggest that if the bullish momentum continues, Bitcoin could surpass the $72,000 mark. Despite some price volatility, with a drop to $65,550 on July 24, the leading cryptocurrency is currently trading around $66,400.
Bitcoin Spot ETFs Activity
Bitcoin spot ETFs experienced a notable shift in activity on July 23, with significant outflows recorded after several days of inflows:
ETF Activity Overview
- Total outflows of $77.9704 million on July 23.
- Grayscale’s GBTC saw a net outflow of $27.3094 million.
- Ark & 21Shares ETF recorded an outflow of $52.29 million.
- Bitwise experienced an outflow of $70.32 million.
- BlackRock’s iShares Bitcoin Trust (IBIT) stood out with a net inflow of $71.9426 million.
Inflows in Digital Asset Investment Products
Amidst these outflows, digital asset investment products recorded substantial overall inflows, totaling $1.35 billion last week. Investors continue to show strong interest in Bitcoin, with $1.27 billion in inflows over the same period.
Hot Take: Embracing Bitcoin for EU Citizenship and Investment Opportunities
This unique opportunity to leverage Bitcoin for EU citizenship through Portugal’s Golden Visa program presents a groundbreaking approach to investment and residency. As the cryptocurrency market continues to see fluctuations, investing in Bitcoin not only offers potential gains but also opens doors to new avenues for financial and personal growth.
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