Revolutionizing FinTech: El Salvador's 'Freedom VISA' Sparks Potential $1B Annual Bitcoin Investments

El Salvador's treasury, holding slightly above 2,700 bitcoins (BTC), has garnered an unrealized profit surpassing $3 million. In an unprecedented move, the nation now aims to attract cryptocurrency millionaires with the introduction of the "Freedom VISA" program, designed to lure long-term residents.

This groundbreaking initiative, initiated on Thursday, extends residency opportunities to a maximum of 1,000 individuals annually, requiring a minimum investment of $1 million in either bitcoin or tether (USDT) stablecoins. Successful applicants not only secure long-term residency but also gain a viable path to full citizenship. The application process, accompanied by a non-refundable fee of $999 in BTC or USDT, is currently active as of Friday, with Tether Global overseeing the procedural aspects.

Tether Powers El Salvador's Visionary Freedom Visa Program Through Technology Support ????????????

Experience Freedom, Security and a #Bitcoin lifestyle by adopting El Salvador as your home through the Freedom Visa Program.

For more information, please visit ⬇️https://t.co/QdF6XPDsO3

— Tether (@Tether_to) December 7, 2023

This innovative approach bears resemblance to the "Golden VISA" model adopted by numerous nations, where affluent individuals invest in the country's bonds or real estate to obtain residency permits. However, El Salvador distinguishes itself by pioneering the acceptance of bitcoin and tether investments for residency—a groundbreaking move. If all available slots are filled annually, the country stands to attract a potential minimum of $1 billion in deposits.

El Salvador made history in September 2021 by being the first nation to acknowledge bitcoin as legal tender. The country's treasury actively engaged in bitcoin investments, accumulating 2,700 BTC and yielding an impressive unrealized profit exceeding $3 million.

These strategic endeavors align with President Nayib Bukele's overarching plan to reduce El Salvador's reliance on U.S. dollars and combat hyperinflation by diversifying income sources. The introduction of the "Freedom VISA" program signifies a significant stride in enticing cryptocurrency wealth to fortify the country's economic resilience.

Read More: El Salvador's President Bukele Declares Success: Bitcoin Investment Shows Positive Returns