El Salvador is extending an unprecedented opportunity to international crypto whales with its new “Adopting El Salvador Freedom Visa Program.” The program aims to attract visionary individuals and high-net-worth investors to support the country’s economic expansion and societal progress. By donating Bitcoin (BTC) or Tether (USDT) worth $1 million, participants can earn long-term residency and citizenship in El Salvador, also known as the Bitcoin country.
Tether Partners with El Salvador for the Initiative
Tether, the initiative’s technology provider, expressed its commitment to advancing technology and empowering nations through this partnership. Paolo Ardoino, CEO of Tether, stated, “This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand.”
“This partnership reinforces our dedication to advancing technology, empowering nations, and enabling individuals to invest in a future where innovation and progress go hand in hand.” – Paolo Ardoino
Under the “Adopting El Salvador Freedom Visa Program,” only 1000 individuals are eligible each year. The donated funds will be allocated towards economic development, cultural enrichment, and social programs, facilitating maximum economic growth and rebirth in the country.
Crypto Adoption as a Government-Supported Initiative
This program solidifies Tether’s commitment to supporting governments in embracing cryptocurrencies as both an investment-worthy industry and a payments technology. Tether has previously backed Lugano, Switzerland in adopting BTC and USDT as legal tender. Moreover, the company has invested in El Salvador’s Bitcoin mining infrastructure development.
El Salvador, on the other hand, has been actively striving to attract global innovators and become a hotspot for tourism since making Bitcoin legal tender in 2021. The move has paid off, with a 50% increase in tourist spending, amounting to $2.6 billion in 2022 compared to the pre-pandemic figures of 2019. In addition, the country has successfully reduced its homicide rate to just 2.2 per 100,000 inhabitants as of July 2023, thanks to a significant crackdown on gang violence. Notably, in 2015, the rate stood at 106 per 100,000 inhabitants.
As of this month, the Salvadoran government’s Bitcoin investment has generated profitable returns.
