A new fund has started offering Bitcoin holders a way to become European Union citizens through Portugal’s golden visa program.&nbsp;
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 (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>).
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/b61584dc-93a1-4f63-bf87-47385f85bf7e.jpg" alt="Bitcoin investment fund opens doors to EU citizenship" title="">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/0x_ale/status/1815683546670858685" target="_blank" rel="noopener noreferrer nofollow">Alessandro Palombo</a>
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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.
<h2 data-ct-non-breakable="true" id="indirectly-holding-over-500-000-in-bitcoin-could-land-eu-citizenship">Indirectly holding over $500,000 in Bitcoin could land EU citizenship</h2>
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:
<blockquote data-ct-non-breakable="true">
 “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.”
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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: <a href="https://cointelegraph.com/news/kraken-completes-mt-gox-bitcoin-distribution-credits" rel="noopener noreferrer nofollow">Kraken finishes Mt. Gox Bitcoin distribution, but creditors aren’t selling BTC</a>
<h2 data-ct-non-breakable="true" id="bitcoin-reaches-highest-level-in-40-days">Bitcoin reaches highest level in 40 days</h2>
On July 22, Bitcoin’s price <a href="https://cointelegraph.com/news/bitcoin-bulls-aim-for-72k-after-btc-futures-premium-hits-a-5-week-high" rel="noopener noreferrer nofollow">rose to its highest in 40 days</a>, 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.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/c64e767c-acc2-40d9-98a4-2eaf54888f8d.jpg" alt="Bitcoin investment fund opens doors to EU citizenship" title="">
 <figcaption style="text-align: center;">Bitcoin’s seven-day price chart. Source: CoinGecko
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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.
Magazine: <a href="https://cointelegraph.com/magazine/hackers-crypto-wallets-recover-savings/" rel="noopener noreferrer nofollow">Meet the hackers who can help get your crypto life savings back</a>

Bitcoin investment fund opens doors to EU citizenship

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