Want A Second Passport? El Salvador Is Now Offering Citizenship For Bitcoin Donations
Portfolio Pulse from Mehab Qureshi
El Salvador's Congress has passed a law allowing foreigners to gain expedited citizenship through Bitcoin donations for social and economic development projects. President Nayib Bukele, a Bitcoin advocate, labeled the bill a 'vital interest'. The law's details, including minimum donation requirements, are not specified. Additionally, El Salvador introduced the 'Adopting El Salvador Freedom Visa Program', targeting high-net-worth individuals with a $1 million investment in Bitcoin or Tether for a path to citizenship, aiming to bring $1 billion into the economy.
December 22, 2023 | 3:29 am
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El Salvador's new law and visa program may increase demand for Bitcoin as they require investments in Bitcoin for citizenship and visa eligibility, potentially impacting its price.
The new legislation in El Salvador could lead to increased Bitcoin purchases as individuals seek to take advantage of the citizenship and visa programs. This increased demand has the potential to drive up Bitcoin's price in the short term, especially if high-net-worth individuals participate.
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IMPORTANCE 70
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