El Salvador’s innovative Bitcoin “Freedom Visa” for cryptocurrency investors is gaining remarkable traction, with officials from the National Bitcoin Office (ONBTC) forecasting a sell-out of its limited 1,000 spots before the close of this month.
A representative from ONBTC recently revealed that the visa program has already garnered significant attention, with hundreds of inquiries pouring in and dozens of applications submitted through both online channels and at embassies and consulates.
The eligibility criteria for the “Freedom Visa” stipulate a hefty investment of $1 million in either BTC or USDT. This announcement stirred diverse reactions within the crypto community, with some expressing reservations about the program’s competitiveness. In response, the National Bitcoin Office defends the $1 million price tag, asserting that it is not only fair but potentially undervalued.
The spokesperson emphasized, “If anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin country.”
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Despite the notable investment required, the program is poised to attract numerous crypto enthusiasts, given El Salvador’s accommodating legal framework. The nation, known for its pro-crypto stance, recently approved Bitcoin bonds, slated to launch in Q1 next year, with proceeds dedicated to constructing a groundbreaking “Bitcoin City.” El Salvador’s investor-friendly policies, including the absence of capital gains taxes for Bitcoin investors and tax exemptions for crypto firms, further enhance its appeal among the global crypto community.
