Invest in Bitcoin and Get EU Citizenship: Portugal’s Golden Visa Program Explained

In a groundbreaking development, Bitcoin holders now have a new route to European Union citizenship through Portugal’s Golden Visa program. The opportunity is offered through a new investment fund that leverages Bitcoin to facilitate the acquisition of Portuguese residency.

Fund Offers Path to Portuguese Citizenship for Bitcoin Investors

A new investment fund is offering Bitcoin enthusiasts a new path to EU citizenship. Alessandro Palombo, co-founder and CEO of Unbound Fund, announced via X (formerly Twitter) that it is the first fund to qualify for Portugal’s Golden Visa program by offering exposure to Bitcoin.

Qualification through indirect bitcoin investment

Innovative funds enable investors to qualify. Portugal Golden Residence Permit Program By indirectly owning €500,000 (approximately $542,000) worth of Bitcoin. This 5-year investment residency program is designed for non-EU nationals and provides a path to EU citizenship.

Palombo explained that the fund invests in companies with a 100% passive Bitcoin holding strategy, avoiding market timing to sell BTC. Additionally, the fund black stone We use exchange traded funds (ETFs) to ensure security and convenience.

“I think it’s time to use Bitcoin as a tool for freedom of movement in a way that is mutually beneficial for Portugal. Portugal is the country where I chose to live with my family,” Palombo said. He stressed that the European Citizen Investment Programme is the best option for technical and strategic reasons. The fund has already secured clients and is in discussions with complementary teams.

Bitcoin Market Performance

On July 22, the Bitcoin price soared to its highest level in 40 days, peaking at $68,518 on some platforms. Analysts say the nearly 20% gain in 10 days was due to the end of the German government’s Bitcoin selloff and growing investor confidence that the U.S. Federal Reserve is likely to cut interest rates in 2024.

The bullish momentum has also pushed the Bitcoin futures premium, a gauge of professional trader sentiment, to its highest level in five weeks. Some analysts suggest that if this trend continues, Bitcoin could break the $72,000 milestone.

However, the price plummeted to $65,550 on July 24 before recovering to $66,404, according to data tracking site CoinGecko.