El Salvador’s $1 Million Bitcoin Visa Program Receives High Interest
El Salvador’s National Bitcoin Office has received significant interest in its $1 million Freedom Visa program since its launch on Dec. 7. The program has already received hundreds of inquiries and “many dozens of applications” online and in person at embassies and consulates. The office expects the program to sell out by the end of the year.
The Freedom Visa Program Details
The Freedom Visa program, launched by the El Salvador government in partnership with Tether, is a citizenship-by-donation program. It offers a residency visa and pathway to citizenship for 1,000 individuals who are willing to donate $1 million worth of Bitcoin or Tether to the country.
Limitations of the Program
The program is limited to 1,000 slots per calendar year. However, some market commentators have criticized it as “uncompetitive” compared to similar programs offered by other countries.
Nayib Bukele’s Pro-Bitcoin Policies
Despite the high price tag, El Salvador’s pro-Bitcoin policies and incentives established by President Nayib Bukele could attract Bitcoiners. Bukele recognized Bitcoin as legal tender in September 2021 and eliminated capital gains taxes for Bitcoin investors. He also abolished taxation for tech and crypto firms operating in the country.
Hot Take: Is El Salvador’s Bitcoin Visa Worth the Price?
El Salvador’s $1 million Bitcoin visa program has garnered significant interest, but some critics argue that it is uncompetitive compared to similar programs offered by other countries. However, the country’s pro-Bitcoin policies and incentives may still make it an attractive option for those seeking a change. With the program expected to sell out by the end of the year, it remains to be seen whether the high price tag will deter potential applicants or if the appeal of Bitcoin-friendly policies will outweigh the cost.
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