Last Updated on December 13, 2023 by COINBUZZFEED
El Salvador has introduced a new liberal visa program that is set to redefine the intersection of immigration and cryptocurrency. The program, which is limited to a mere 1,000 participants annually, offers a unique opportunity for crypto enthusiasts to secure El Salvadoran citizenship by investing a staggering $1 million in either Bitcoin (BTC) or Tether (USDT).
While the announcement has sparked a wave of interest and intrigue, it has also raised eyebrows within the crypto community. Critics argue that the $1 million investment requirement is exorbitant compared to similar programs in countries like Dominica and St Kitts. The debate has ignited a humorous exchange on social media, with one user suggesting a counteroffer of $100, emphasizing the perceived disparity between the investment and the value of a passport.
Expressing skepticism, some individuals question the legitimacy of the program, comparing it to a donation rather than a true investment. The sentiment on social media reflects the belief that reclaiming a $1 million investment might be a daunting task, leading to doubts about the viability of such a substantial financial commitment.
Despite the skepticism, El Salvador’s move is not merely symbolic. With a cap of 1,000 participants annually, the program could potentially inject a colossal $1 billion into the nation’s economy. This initiative marks a significant stride in embracing and leveraging digital currencies at the national level, creating a unique blend of immigration policy and crypto economics.
By offering citizenship in exchange for a substantial crypto investment, El Salvador is pioneering a new model that brings citizens directly into the cryptocurrency market. This approach could have far-reaching effects, potentially influencing the future trajectory of digital currencies like Bitcoin.
