Bitcoin investment fund opens doors to EU citizenship

Ezra Reguerra11 hours agoBitcoin investment fund opens doors to EU citizenshipA new fund offers a way to gain citizenship in Portugal by indirectly investing over $500,000 into Bitcoin.3407 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA new fund has started offering Bitcoin holders a way to become European Union citizens through Portugal’s golden visa program. 

In an X post, Alessandro Palombo, the co-founder and CEO of Unbound Fund, announced the possibility of gaining Portuguese citizenship by investing in Bitcoin (BTC).Source:Alessandro Palombo

Palombo claims that their fund is the first of its kind to be eligible for the Portuguese golden visa program by providing exposure to BTC.Indirectly holding over $500,000 in Bitcoin could land EU citizenship

According to Palombo, investors indirectly holding Bitcoin worth 500,000 euros (about $542,000) through the fund will be eligible for the Portugal Golden Residence Permit Program, the country’s five-year residence-by-investment program for non-EU nationals.

Palombo said the fund invests in companies with 100% passive Bitcoin holding and is not trying to time the markets for selling BTC. In addition, the fund will also invest in BlackRock exchange-traded funds (ETFs) for “security and simplicity.” Palombo wrote:“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.”

The executive believes that, for technical and strategic reasons, the European citizen-by-investment program is the best.

Palombo also claimed they have already onboarded customers and are currently discussing with complementary teams.

Related:Kraken finishes Mt. Gox Bitcoin distribution, but creditors aren’t selling BTCBitcoin reaches highest level in 40 days

On July 22, Bitcoin’s price rose to its highest in 40 days, peaking at $68,518 on some platforms. Analysts believe the gains of almost 20% in 10 days could be attributed to the end of the German government’s Bitcoin sell-off and investors’ confidence in the United States Federal Reserve cutting interest rates in 2024.Bitcoin’s seven-day price chart. Source: CoinGecko

Because of the asset’s bullish momentum, the Bitcoin futures premium, a way to gauge the sentiment of professional traders, reached its highest level in five weeks. Analysts believe that Bitcoin derivatives suggest the possibility of breaching the $72,000 milestone should Bitcoin continue its run.

However, on July 24, the BTC price quickly dropped to $65,550 before recovering. According to data tracker CoinGecko, the asset is currently at $66,404.

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