El Salvador’s Freedom Visa for crypto investors is expected to sell out its 1,000 places before the end of the month, according to the country’s National #Bitcoin Office (ONBTC).
A spokesperson from ONBTC told that it already has hundreds of inquiries and dozens of online and in-person applications at embassies and consulates.
$1 Million Price Tag For El Salvador Bitcoin Freedom Visa “Fair”
El Salvador announced the visa program earlier this week, saying it is open to those who invest $1 million in BTC or USDT.
The $1 million price tag met mixed reactions from the crypto community, with some saying the program was uncompetitive.
The National Bitcoin Office believes the price tag is fair.
“If anything, in fact, it is actually underpriced,” said the spokesperson. “While there are many citizenship programs available in the world, there is only one Bitcoin country.”
Despite the price tag, the program will likely appeal to many crypto supporters because of the nation’s friendly legal framework.
El Salvador gave regulatory approval for its long-awaited Bitcoin bonds on Dec. 12, the world’s first, and said they will launch in Q1 next year. Proceeds from the bond issue will fund the construction of a “Bitcoin City.”
El Salvador does not impose capital gains taxes on Bitcoin investors and removed taxation for crypto firms operating in the country.
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Bullish Sentiment Surges as Centralized Exchanges
In a noteworthy trend indicative of a shifting landscape, centralized cryptocurrency exchanges have experienced record outflows over the past 12 months, signaling a growing bullish sentiment within the digital asset space.
Investors and traders have historically relied on centralized exchanges for their ease of use and accessibility. However, recent data points to a substantial movement of funds away from these platforms, suggesting a shift in market dynamics. This trend is particularly noteworthy as it coincides with a period of increased interest and innovation within the decentralized finance (DeFi) sector.
The surge in outflows from centralized exchanges is seen by many as a vote of confidence in decentralized alternatives. Decentralized exchanges (DEXs) operate without a central authority, offering users greater control over their funds and trading activities. This departure from the traditional model aligns with the foundational principles of cryptocurrencies, emphasizing decentralization and autonomy.
The increasing popularity of decentralized exchanges is not only reflective of a desire for increased financial sovereignty but also indicative of a broader sentiment favoring the principles of blockchain technology. Smart contract platforms, such as Ethereum, have played a pivotal role in enabling the development of decentralized exchanges and facilitating the transition away from centralized counterparts.
Market analysts suggest that this trend may be driven by concerns over security and trust, with decentralized exchanges providing a more resilient and censorship-resistant alternative. Additionally, the yield farming opportunities and innovative financial products offered by DeFi platforms have attracted users seeking more than just basic trading functionalities.
While the bullish sentiment grows, it's important to acknowledge the challenges and risks associated with decentralized exchanges, including liquidity concerns and smart contract vulnerabilities. However, the record outflows from centralized exchanges underscore a broader shift in investor preferences and highlight the evolving landscape of the cryptocurrency market.
As the digital asset ecosystem continues to mature, the rise of decentralized exchanges may represent a fundamental transformation in how individuals engage with cryptocurrencies. The record outflows from centralized exchanges over the past 12 months serve as a compelling indicator of a market in flux, with participants increasingly opting for decentralized solutions that align with the decentralized ethos at the core of the crypto movement.