In 2021, El Salvador became the first country to recognize Bitcoin as an official currency, and it has now introduced a citizenship program that accepts Bitcoin and USDT (Tether).
As the Bitcoin hub of Latin America, El Salvador is set to select 1,000 individuals each year to offer citizenship in exchange for Bitcoin or Tether through its “Freedom Visa” program. Investors are required to make a minimum investment of 1 million dollars in USDT or Bitcoin.
This initiative, when compared with the citizenship programs of other Central American and Caribbean countries, is quite expensive. The cost of citizenship in El Salvador is significantly higher than the starting price of 100,000 dollars in Caribbean nations. Economically, if this program is executed at full capacity, it could potentially generate about 1 billion dollars in revenue for El Salvador.
El Salvador Made Profit on Bitcoin!
According to the country’s President Bukele’s latest statements, El Salvador’s Bitcoin stocks made a profit of $3.6 billion during the last price increase, when Bitcoin exceeded $44,000. The value of the country’s Bitcoin portfolio reached more than 130 million dollars.
Nayib Bukele, who invested significantly in Bitcoin and officially recognized this digital currency as the national currency, announced his financial gain with great enthusiasm, despite intense criticism.