New Fund Offers Bitcoin Holders Path to EU Citizenship

A new fund is providing Bitcoin holders with a route to European Union citizenship through Portugal’s Golden Visa program.

In a recent post on X, Alessandro Palombo, co-founder and CEO of Unbound Fund, said that Bitcoin investors can now gain Portuguese citizenship by investing in the cryptocurrency.

Palombo highlighted that their fund is the first to qualify for the Portuguese Golden Visa program by offering exposure to Bitcoin.

Investors Can Gain EU Citizenship by Holding $500K in BTC

Investors who indirectly hold Bitcoin worth at least 500,000 euros (approximately $542,000) through the fund will be eligible for the Portugal Golden Residence Permit Program, a five-year residence-by-investment initiative for non-EU nationals.

The Unbound Fund invests in companies with 100% passive Bitcoin holdings and does not engage in market timing to sell BTC.

Additionally, the fund invests in BlackRock exchange-traded funds (ETFs) for enhanced security and simplicity.

Palombo emphasized the potential of using Bitcoin as a tool for greater freedom of movement, aligning this with his personal decision to reside in Portugal with his family.

“The European citizen-by-investment program is the best for technical and strategic reasons,” Palombo stated, adding that they have already onboarded clients and are in discussions with complementary teams.

Hold #Bitcoin and acquire Portuguese/EU Citizenship

It is now possible to acquire Portuguese/EU citizenship by indirectly holding #Bitcoin worth €500K.

I am excited to introduce https://t.co/DgqCyGTfgv

Unbound Fund is the first Golden Visa eligible fund that gives you… pic.twitter.com/SVJjjg8x70

— Alessandro Palombo (@0x_ale) July 23, 2024

Meanwhile, the cryptocurrency market has seen significant activity recently.

On July 22, Bitcoin’s price surged to its highest level in 40 days, reaching $68,518 on some platforms.

Analysts attribute this nearly 20% gain over ten days to the conclusion of the German government’s Bitcoin sell-off and increased investor confidence in a potential interest rate cut by the U.S. Federal Reserve in 2024.

The bullish momentum has also driven the Bitcoin futures premium to its highest level in five weeks, indicating professional traders’ optimistic sentiment.

Analysts suggest that if Bitcoin continues its upward trajectory, it could break the $72,000 mark.

However, the price faced volatility, dropping to $65,550 on July 24 before stabilizing.

As of now, the leading cryptocurrency is trading at around $66,400.

Bitcoin Spot ETFs See $78M in Outflows

Bitcoin spot ETFs witnessed outflows amounting to $77.9704 million on July 23, marking the first net outflow after twelve consecutive days of net inflows.

Among the ETFs, Grayscale’s GBTC recorded a notable net outflow of $27.3094 million, according to data from SoSoValue.

Similarly, the Ark & 21Shares ETF experienced a substantial outflow of $52.29 million, while Bitwise saw an outflow of $70.32 million.

In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) defied the trend with a net inflow of $71.9426 million.

As reported, digital asset investment products saw a substantial inflow of $1.35 billion last week, bringing the total inflows over the past three weeks to an impressive $3.2 billion.

Bitcoin remained a popular choice among investors, attracting $1.27 billion in inflows last week.