Unbound Fund allows Bitcoin investors to gain Portuguese citizenship through the Golden Residence Permit Program with a €500,000 investment.
Bitcoin peaked at $68,518 on July 22 before dropping to $65,550 on July 24, recovering to $66,404, according to CoinGecko.
Bitcoin futures premiums reached a five-week high, suggesting potential for Bitcoin to exceed $72,000 if upward momentum continues.
A recent development offers Bitcoin investors a new avenue to European Union citizenship through Portugal’s Golden Residence Permit Program. Unbound Fund, spearheaded by co-founder and CEO Alessandro Palombo, has introduced a program that enables investors to secure Portuguese citizenship by investing in Bitcoin.
Investors holding Bitcoin worth 500,000 euros (approximately $542,000) through the fund can now qualify for Portugal’s five-year residence-by-investment program.
According to Bitcoinnews, Unbound Fund announced a new opportunity to obtain Portuguese/EU citizenship by indirectly holding approximately €500,000 worth of Bitcoin. The report stated that the fund is considered to be the first Bitcoin investment fund that meets the conditions…
— Wu Blockchain (@WuBlockchain) July 24, 2024
Palombo detailed that Unbound Fund focuses on companies with 100% passive Bitcoin holdings and does not engage in market timing for BTC sales. The fund will also allocate resources to BlackRock exchange-traded funds (ETFs) to enhance 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 emphasized that the European citizen-by-investment program offers the best technical and strategic benefits.
Bitcoin’s Recent Price Surge and Market Impact
On July 22, Bitcoin saw a significant price increase, reaching its highest point in 40 days at $68,518 on various platforms. Analysts attribute this surge to the end of the German government’s Bitcoin sell-off and growing investor confidence in a potential interest rate cut by the United States Federal Reserve in 2024. The price boost led to a clear increase in Bitcoin futures premiums, suggesting improved mood among seasoned traders.
The bullish momentum in Bitcoin led to speculation about the cryptocurrency potentially surpassing the $72,000 milestone, but by July 24, its price quickly dropped to $65,550 before partially recovering to $66,404, according to CoinGecko. Analysts are attentively observing the circumstances to estimate future market moves.
Future View on Bitcoin and Investment Prospectives
The integration of cryptocurrency investments with residency programs offers a fresh chance for investors as Bitcoin shows erratic behaviour.
The Unbound Fund’s approach to leveraging Bitcoin for EU citizenship could set a precedent for similar initiatives in other countries. The evolving landscape of cryptocurrency investment and residency options suggests a growing trend towards combining digital assets with tangible benefits, such as enhanced mobility and legal status within the European Union.
The innovative link between Bitcoin investments and Portuguese citizenship underscores a broader trend of integrating digital assets with traditional financial and legal systems. As the market adjusts, both investors and regulatory bodies will need to navigate this new frontier with caution and strategic foresight.
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