- El Salvador is set to receive $153 million in Bitcoin through its “Adopting El Salvador Freedom” program, attracting wealthy individuals seeking citizenship.
- The program, advised by Bitcoin proponent Max Keiser, allows individuals to become residents by donating $1 million in Bitcoin or USDT, potentially transforming El Salvador into a technological and financial hub.
El Salvador’s Bitcoin Citizenship Program: A Game-Changer
In a groundbreaking development for El Salvador’s economy, Max Keiser, an early Bitcoin adopter and evangelist, has revealed that the country is poised to receive a substantial amount of funds in Bitcoin. This influx is linked to El Salvador’s innovative approach to granting citizenship through cryptocurrency investments.
— Max Keiser (@maxkeiser) December 10, 2023
Details of the “Adopting El Salvador Freedom” Program
Max Keiser, serving as a Bitcoin advisor to El Salvador’s President Nayib Bukele, has been actively promoting the
“Adopting El Salvador Freedom”
program to his substantial social media following. This program offers a unique opportunity for up to 1,000 individuals annually to acquire El Salvadoran residency and a passport by contributing $1 million in Bitcoin or USDT.
Keiser’s recent announcement highlighted that 153 individuals have already applied to the program. Should these applications be approved, El Salvador stands to gain an influx of $153,000,000 in Bitcoin and/or USDT. The program’s objective is to attract high-net-worth individuals capable of making significant economic and societal contributions, thereby positioning El Salvador as a global hub for technology, freedom, and peer-to-peer innovation on the Bitcoin platform.
The program’s website specifies that potential applicants must meet the government’s financial threshold of $1 million in Bitcoin or USDT. Successful candidates will be eligible for a Salvadoran passport. Additionally, the program allows applicants to include their families (spouses and children under 18) for the same fee. However, there is a nonrefundable application fee of $999 for eligibility verification.
Broader Implications and Curiosities
This initiative marks a curious development, considering El Salvador’s earlier declaration in 2021 by President Bukele that Bitcoin would be the sole cryptocurrency held by the state and used as a national currency. The inclusion of USDT in the program is noteworthy, especially given Keiser’s vocal support for Bitcoin and criticism of other cryptocurrencies like Ethereum, Cardano, and Ripple-affiliated XRP.
Max Keiser, known for his bullish stance on Bitcoin, has shared that his Bitcoin holdings have surged by an astonishing 20,000,000% since 2011, further underlining his commitment to and belief in the potential of Bitcoin.
El Salvador’s innovative approach to integrating Bitcoin into its economic and citizenship frameworks represents a significant stride in the country’s journey to becoming a central hub for Bitcoin and blockchain technology. The “Adopting El Salvador Freedom” program not only highlights the growing acceptance of cryptocurrencies in national economies but also underscores the potential for innovative financial models in the global market.