Bitcoin investment fund opens doors to EU citizenship

A new fund has started offering Bitcoin holders a way to become European Union citizens through Portugal’s golden visa program. 

In an X post, Alessandro Palombo, the co-founder and CEO of Unbound Fund, announced the possibility of gaining Portuguese citizenship by investing in Bitcoin ( BTC ).

Palombo claims that their fund is the first of its kind to be eligible for the Portuguese golden visa program by providing exposure to BTC.

Indirectly holding over $500,000 in Bitcoin could land EU citizenship

According to Palombo, investors indirectly holding Bitcoin worth 500,000 euros (about $542,000) through the fund will be eligible for the Portugal Golden Residence Permit Program, the country’s five-year residence-by-investment program for non-EU nationals.

Palombo said the fund invests in companies with 100% passive Bitcoin holding and is not trying to time the markets for selling BTC. In addition, the fund will also invest in BlackRock exchange-traded funds (ETFs) for “security and simplicity.” Palombo wrote:

“I believe it’s time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, a country I have chosen to live in with my family.”

The executive believes that, for technical and strategic reasons, the European citizen-by-investment program is the best.

Palombo also claimed they have already onboarded customers and are currently discussing with complementary teams.

Related: Kraken finishes Mt. Gox Bitcoin distribution, but creditors aren’t selling BTC

Bitcoin reaches highest level in 40 days

On July 22, Bitcoin’s price rose to its highest in 40 days , peaking at $68,518 on some platforms. Analysts believe the gains of almost 20% in 10 days could be attributed to the end of the German government’s Bitcoin sell-off and investors’ confidence in the United States Federal Reserve cutting interest rates in 2024.

Because of the asset's bullish momentum, the Bitcoin futures premium, a way to gauge the sentiment of professional traders, reached its highest level in five weeks. Analysts believe that Bitcoin derivatives suggest the possibility of breaching the $72,000 milestone should Bitcoin continue its run.

However, on July 24, the BTC price quickly dropped to $65,550 before recovering. According to data tracker CoinGecko, the asset is currently at $66,404.

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