El Salvador is experiencing tremendous interest in its new program named Freedom Visa, priced at $1 million. It is expected that the program will be sold out before the end of this year.
The National Bitcoin Office (ONBTC) in El Salvador reports significant interest in their Freedom Visa program valued at $1 million. Since its launch (December 7), the office has recorded hundreds of inquiries and expects it to be completely sold out by the end of this year.
Since the program's inception on December 7, ONBTC has recorded hundreds of queries and high demand, expecting the program to be completely sold out by year's end.
Demand is High
Hundreds of inquiries and dozens of applications received online and at embassies and consulates testify to the high interest in the program.
"Based on the current level of interest, we expect the program to sell out by the end of the year,"ONBTC stated.
The government of El Salvador, in collaboration with Tether, the issuer of the largest stablecoin by market capitalization, launched the Freedom Visa program on December 7, 2023. This citizenship-for-donation program offers a residency visa and a path to citizenship for 1,000 individuals willing to invest $1 million in Bitcoin (BTC) or the Tether stablecoin.
The Tether-backed Freedom Visa program, launched on December 7, 2023, offers the opportunity to obtain a visa and a path to citizenship for those who invest $1 million in BTC or Tether.
Program Lacks Competitiveness
Alistair Milne, Chief Investment Officer of Altana Digital Currency, pointed out that the Salvadoran program is not as competitive as similar programs in other countries, such as Malta, where full citizenship can be obtained for $810,000.
Nevertheless, the ONBTC spokesperson insists that the $1 million price tag for the Freedom Visa is more than fair, emphasizing the program's uniqueness in a "bitcoin country."
Positive Measures for Bitcoin
President Nayib Bukele of El Salvador has implemented several pro-bitcoin measures, including recognizing #BTC as legal tender and abolishing all capital gains taxes for BTC investors. He also removed all forms of taxation for technology and cryptocurrency companies in the country.
Bukele resigned as president on December 1 to focus on his re-election campaign ahead of the country's general elections in February 2024.
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