In a groundbreaking development, Bitcoin holders now have a novel route to European Union citizenship via Portugal’s Golden Visa program. This opportunity comes through a new investment fund that leverages Bitcoin to facilitate obtaining Portuguese residency.
Fund Offers Bitcoin Investors a Path to Portuguese Citizenship
A new investment fund is providing a novel route to European Union citizenship for Bitcoin enthusiasts. Alessandro Palombo, co-founder and CEO of Unbound Fund, announced via X (formerly Twitter) that their fund is the first of its kind to be eligible for Portugal’s golden visa program by offering exposure to Bitcoin.
Eligibility Through Indirect Bitcoin Investment
The innovative fund allows investors to qualify for the Portugal Golden Residence Permit Program by indirectly holding Bitcoin worth 500,000 euros (approximately $542,000). This five-year residence-by-investment program is designed for non-EU nationals, offering a pathway to EU citizenship.
Palombo explained that the fund invests in companies with a 100% passive Bitcoin holding strategy, avoiding market timing for selling BTC. Additionally, the fund will invest in BlackRock exchange-traded funds (ETFs) to ensure security and simplicity.
“I believe it’s time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, a country I have chosen to live in with my family,” Palombo stated. He emphasized that the European citizen-by-investment program is the best option for both technical and strategic reasons. The fund has already onboarded customers and is in discussions with complementary teams.
Bitcoin’s Market Performance
On July 22, Bitcoin’s price surged to its highest level in 40 days, peaking at $68,518 on some platforms. Analysts attribute the nearly 20% gain over 10 days to the end of the German government’s Bitcoin sell-off and growing investor confidence in the United States Federal Reserve potentially cutting interest rates in 2024.
The bullish momentum also drove the Bitcoin futures premium, a measure of professional trader sentiment, to its highest level in five weeks. Some analysts suggest that if this trend continues, Bitcoin could breach the $72,000 milestone.
However, the price saw a quick drop to $65,550 on July 24 before recovering to $66,404, according to data tracker CoinGecko.