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A newly established fund is offering Bitcoin holders a pathway to European Union citizenship via Portugal’s Golden Visa initiative.
In a recent update on X, Alessandro Palombo, co-founder and CEO of Unbound Fund, announced that Bitcoin investors can now obtain Portuguese citizenship by investing in the cryptocurrency.
Palombo noted that their fund is the first to be eligible for the Portuguese Golden Visa program by providing exposure to Bitcoin.
Investors Can Obtain EU Citizenship by Holding $500K in BTC
Investors who indirectly possess Bitcoin valued at a minimum of 500,000 euros (approximately $542,000) through the fund will qualify for the Portugal Golden Residence Permit Program, a five-year residence-by-investment scheme for non-EU citizens.
The Unbound Fund invests in firms with 100% passive Bitcoin holdings and refrains from market timing to sell BTC.
Moreover, the fund allocates resources to BlackRock exchange-traded funds (ETFs) for added security and ease.
Palombo underscored the potential of utilizing Bitcoin as a means for enhanced freedom of movement, connecting this to his personal choice to live in Portugal with his family.
“The European citizen-by-investment program is the most advantageous for technical and strategic reasons,” Palombo remarked, adding that they have already onboarded clients and are engaging with complementary teams.
Hold #Bitcoin and acquire Portuguese/EU Citizenship
It is now feasible to obtain Portuguese/EU citizenship by indirectly holding #Bitcoin valued at €500K.
I am pleased to introduce https://t.co/DgqCyGTfgv
Unbound Fund is the first Golden Visa eligible fund that provides you… pic.twitter.com/SVJjjg8x70
— Alessandro Palombo (@0x_ale) July 23, 2024
In the meantime, the cryptocurrency market has experienced notable activity recently.
On July 22, Bitcoin’s price surged to its highest point in 40 days, reaching $68,518 on certain platforms.
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Analysts attribute this nearly 20% increase over ten days to the conclusion of the German government’s Bitcoin sell-off and heightened investor confidence regarding a potential interest rate reduction by the U.S. Federal Reserve in 2024.
The bullish trend has also propelled the Bitcoin futures premium to its highest level in five weeks, reflecting optimistic sentiment among professional traders.
Analysts indicate that if Bitcoin maintains its upward trend, it could surpass the $72,000 threshold.
However, the price experienced volatility, dropping to $65,550 on July 24 before stabilizing.
Currently, the leading cryptocurrency is trading at approximately $66,400.
Bitcoin Spot ETFs Experience $78M in Outflows
Bitcoin spot ETFs recorded outflows totaling $77.9704 million on July 23, marking the first net outflow after twelve consecutive days of net inflows.
Among the ETFs, Grayscale’s GBTC reported a significant net outflow of $27.3094 million, according to data from SoSoValue.
Similarly, the Ark & 21Shares ETF faced a considerable outflow of $52.29 million, while Bitwise experienced an outflow of $70.32 million.
In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) bucked the trend with a net inflow of $71.9426 million.
As reported, digital asset investment products saw a substantial inflow of $1.35 billion last week, bringing the total inflows over the past three weeks to an impressive $3.2 billion.
Bitcoin continued to be a favored option among investors, attracting $1.27 billion in inflows last week.
The post New Fund Offers Bitcoin Holders Path to EU Citizenship appeared first on Cryptonews.
