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