The Bitcoin “Freedom Visa” is reportedly approaching full capacity, with expectations of being sold out before the end of this year.
On December 7 this year, El Salvador introduced its citizenship-by-investment scheme program that allows 1,000 people planning to invest $1 million in Bitcoin (BTC $40,993) or Tether (USDT $1.00) (USDT), VisaGuide.World reports.
The “Adopting El Salvador Freedom Visa Program” was introduced by the country’s government in collaboration with stablecoin issues Tether.
By participating in establishing El Salvador as a dynamic global center for cutting-edge technology and financial innovation, individuals become integral partners in steering a nation toward exceptional growth and evolution and offer a path to obtain a Salvadoran Passport.
The same says that eligibility for the program prioritises visionary persons, considering high-net-worth investors who will contribute significantly to societal progress.
According to El Salvador’s National Bitcoin Office (ONBTC), hundreds of inquiries and many requests have been received both online and in person at its embassies and consulates.
Based on the current level of interest, we expect the program to sell out by the end of the year.
The program has been considered as “uncompetitive” by market commentators such as Altana Digital Currency CIO Alistair Milne when compared to other similar programs offered in countries like Malta, or several other European countries.
Market commentators such as Altana Digital Currency CIO Alistair Milne described El Salvador’s million-dollar visa program as “uncompetitive.”
The National Bitcoin Office has considered the cost of $1 million for the Freedom visa more than fair.
If anything, in fact, it is actually underpriced. While there are many citizenship programs available in the world, there is only one Bitcoin Country.
The government of El Salvador, led by President Nayib Bukele, has decided to allocate only a thousand slots for its special citizenship visa plan. The country is planning to leverage its status as a pro-Bitcoin nation in order to promote widespread adoption of the program.
According to the Coin Telegraph report, the ONBTC said that, based on the current level of interest, the country expects the program to sell out by the end of this year, stressing that, while there are many citizenship programs available in the world, there is only one Bitcoin in the country.
El Salvador introduced Bitcoin in 2021, becoming the first country in the world to adopt Bitcoin as a legal tender. All businesses in Latin America are required to accept emerging cryptocurrencies if they have the technological capacity to do so.