A Bitcoin-oriented startup has announced the launch of a fund that allows Bitcoin (CRYPTO: BTC) holders to acquire Portuguese citizenship.

What Happened: The so-called "Unbound Fund" introduced by entrepreneur and Bitcoin advocate Alessandro Palombo, offers a unique proposition: acquire Portuguese and EU citizenship by indirectly holding Bitcoin worth €500,000 ($542,000) through a Golden Visa eligible fund. This approach is to combine a cryptocurrency investment with the benefits of European residency and citizenship.

The fund aims to be radically transparent about costs and capital efficient and invests in BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) as a vehicle to hold Bitcoin. Under Portuguese law, investing a minimum of €500,000 in a qualifying investment can make one eligible for a so-called Golden Visa.

Also Read: Vice President Kamala Harris' Team Contacted Mark Cuban On Crypto Policy

Why It Matters: The introduction of Unbound Fund marks a significant shift in the intersection of cryptocurrency and citizenship acquisition. It leverages the growing popularity of Bitcoin and the appeal of EU citizenship to create a unique investment opportunity.

Palombo's tweet also highlights the potential of Bitcoin as a tool for freedom of movement. This aligns with the broader trend of cryptocurrencies being used to facilitate international transactions and mobility.

As the first Golden Visa-eligible fund offering exposure to Bitcoin, Unbound Fund could set a precedent for similar initiatives in the future.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

• If You Invested $1000 In Bitcoin When Jack Dorsey Endorsed It As Internet's Native Currency, Here's How Much It'd Be Worth Today

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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