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A groundbreaking fund now offers Bitcoin holders a unique opportunity to gain European Union citizenship through Portugal’s golden visa program.
In a recent post on X, Alessandro Palombo, co-founder and CEO of Unbound Fund, announced that Bitcoin investors can now potentially secure Portuguese citizenship by investing through their fund.
Palombo claims that Unbound Fund is the first to provide Bitcoin exposure while being eligible for the Portuguese golden visa program.
Invest €500,000 in Bitcoin for EU Citizenship
According to Palombo, investors holding Bitcoin worth €500,000 (approximately $542,000) indirectly through the fund will qualify for Portugal’s Golden Residence Permit Program. This program offers a five-year residence-by-investment opportunity for non-EU nationals.
Palombo emphasized that the fund will invest in companies with a 100% passive Bitcoin holding, avoiding market timing for BTC sales. Additionally, the fund plans to invest in BlackRock exchange-traded funds (ETFs) for added security and simplicity. Palombo stated:
“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.”
He also expressed confidence in the European citizen-by-investment program for its technical and strategic advantages. Palombo noted that they have already onboarded customers and are in discussions with complementary teams.
Bitcoin Reaches 40-Day High
On July 22, Bitcoin’s price soared to its highest level in 40 days, reaching $68,518 on some platforms. Analysts attribute this nearly 20% gain over 10 days to the conclusion of the German government’s Bitcoin sell-off and growing investor confidence in the US Federal Reserve potentially cutting interest rates in 2024.
Bitcoin’s Seven-Day Price Chart.
The bullish momentum drove Bitcoin futures premiums, an indicator of professional traders’ sentiment, to their highest level in five weeks. Analysts suggest that Bitcoin derivatives hint at the possibility of surpassing the $72,000 milestone if the upward trend continues.
However, on July 24, Bitcoin’s price briefly dropped to $65,550 before rebounding. According to CoinGecko, the current price of Bitcoin stands at $66,404.
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