Bitcoin Magazine, an international magazine focused on cryptocurrencies and blockchain technology, recently published an article proposing that El Salvador grant citizenship to foreign investors who use bitcoin to contribute to the country’s economy.
The article suggests that through a “Citizenship by Investment” program, foreigners could invest their bitcoins in the country in exchange for a Salvadoran passport. This scenario is made possible by El Salvador’s decision to adopt bitcoin as legal tender almost two years ago, making it attractive for investors to invest in the country’s economy.
According to the magazine, El Salvador has the legal authority to operate through investment programs under citizenship permits, allowing its beneficiaries to contribute their bitcoin to the country’s economy.
Currently, the Salvadoran passport is considered “powerful” because it allows access to visas for nearly 150 countries worldwide. With the proposed citizenship program, El Salvador could become the preferred option among wealthy immigrants who see themselves as sovereign individuals.
The article states that El Salvador has the opportunity to disrupt the Citizenship by Investment market and become a leader in a new era where citizens are treated as customers and the government as service providers.
Unlike other countries with CBI programs, El Salvador’s bitcoin policy is unique and is increasing the value of its passport over time. This factor, combined with the country’s large population, makes El Salvador an attractive option for foreign investors.
If implemented correctly, the program could attract a significant amount of high-net-worth individuals worldwide, positioning El Salvador as a business destination over Caribbean options. The article suggests that a pricing strategy close to current market offerings would be appropriate.
El Salvador’s innovative approach to bitcoin has already put the country on the map, and this proposed citizenship program could further solidify its position as a pioneer in the cryptocurrency world.