El Salvador's Bitcoin 'Freedom Visa' Gains Strong Traction, Anticipates Sellout by Year-End

El Salvador's innovative $1 million citizenship-by-donation program, the Freedom Visa, attracts significant interest since its December 7 launch.

El Salvador's National Bitcoin Office (ONBTC) has reported a surge in interest for its groundbreaking Freedom Visa program, with expectations of selling out all 1,000 slots before the year concludes. Launched in collaboration with stablecoin issuer Tether on December 7, the program offers a unique pathway to citizenship for individuals willing to contribute a $1 million Bitcoin or Tether donation to the country.

According to an ONBTC spokesperson, the response has been overwhelming, with hundreds of inquiries and "many dozens of applications" pouring in through online channels and at embassies and consulates. The spokesperson highlighted the robust demand, stating, "Based on the current level of interest, we expect the program to sell out by the end of the year."

While some market observers, including Altana Digital Currency Chief Investment Officer Alistair Milne, consider El Salvador's million-dollar visa program as "uncompetitive" compared to offerings from other countries, the ONBTC defends its pricing. The spokesperson asserted, "If anything, in fact, it is actually under-priced. While there are many citizenship programs available in the world, there is only one Bitcoin country."

Despite the relatively high cost, El Salvador's commitment to pro-Bitcoin policies and incentives under the leadership of President Nayib Bukele could attract cryptocurrency enthusiasts seeking a unique opportunity. Bukele, who recognized Bitcoin as legal tender in September 2021, eliminated capital gains taxes for Bitcoin investors and waived all forms of taxation for tech and crypto firms setting up operations in the country.

President Bukele recently stepped down on December 1 to concentrate on his reelection campaign ahead of El Salvador's general election scheduled for February 2024. The developments showcase El Salvador's continued efforts to position itself as a prominent hub for Bitcoin and cryptocurrency enthusiasts worldwide.

(photo source: Blockonome)