El Salvador Set for $153M Bitcoin Boost with New Residency Plan

El Salvador will receive substantial funds through a new residency program aimed at high-net-worth individuals. Spearheaded by President Nayib Bukele and promoted by Bitcoin evangelist Max Keiser, the initiative, known as the “Adopting El Salvador Freedom” program, is drawing global attention for its unique approach to citizenship and investment in the Central American nation.

Bitcoin Residency Offers Big El Salvador Influx

Under this innovative program, El Salvador offers residency to individuals who can contribute economically and socially to the country. To qualify, applicants must donate a minimum of $1 million in Bitcoin or USDT. This initiative is not just about boosting the country’s economy; it’s also about transforming El Salvador into a hub for technology, freedom, and peer-to-peer innovation. Currently, 153 individuals have applied, signaling a potential influx of $153 million in cryptocurrency.

This program is particularly appealing as it extends beyond the primary applicant. For the same fee, an applicant can include their spouse and children under 18, making it an attractive option for families. However, there is a non-refundable fee of $999 for eligibility checks. The acceptance of USDT, alongside Bitcoin, is a significant development, considering President Bukele’s 2021 announcement that Bitcoin would be the state’s only cryptocurrency used as a national currency.

El Salvador’s adoption of Bitcoin as legal tender in 2021 marked a historic moment in the cryptocurrency world. With this latest program, the country reinforces its position as a crypto adoption and innovation leader. The initiative is about attracting wealth and fostering a conducive environment for technological advancements and peer-to-peer innovations.

Max Keiser, a prominent Bitcoin advocate and advisor to President Bukele, has played a crucial role in promoting this program. Through his extensive following on social media platforms, Keiser has been instrumental in highlighting the program’s benefits and attracting potential applicants. His involvement underscores the seriousness with which El Salvador approaches its crypto-centric policies.

El Salvador Pioneers Cryptocurrency Economic Model

The success of this program could have far-reaching implications. Firstly, it represents a significant economic boost for El Salvador, potentially bringing in over $150 million. This influx of funds could be pivotal in enhancing the country’s infrastructure, technology sector, and overall economic development.

Furthermore, attracting high-net-worth individuals could lead to a surge in innovation and investment in the country, especially in technology and finance. El Salvador could become a global epicenter for blockchain and cryptocurrency innovations, leveraging the expertise and resources of its new residents.

The program also sets a precedent for other nations considering similar initiatives. As countries worldwide grapple with integrating cryptocurrencies into their economies, El Salvador’s model offers a unique blueprint for leveraging digital currencies for national development.

Read Also: Max Keiser Predicts Short Term Bitcoin Target at $35k; BTC Hash-rate Adjustment due in 13 Days

The post El Salvador Set for $153M Bitcoin Boost with New Residency Plan appeared first on CoinGape.

Crypto Feed:
https://ift.tt/RmtaSG8
Maxwell Mutuma
CoinGape