In recent data from Google Trends, Central American country El Salvador has retained the top spot in Bitcoin’s interest by region, as the country intensifies investment in the crypto asset.
El Salvador is followed closely by Brazil and Nigeria, occupying the top three positions of countries with the most interest in Bitcoin.
El Salvador’s dominance as the top country with Bitcoin interest is largely attributed to the country’s solidification of Bitcoin investments, into its economic framework.
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A notable stride to the country’s Bitcoin investment can be seen when the government under the leadership of Bukele Nayib, on December 8, 2023, introduced a citizenship-by-investment program as part of its digital economy expansion drive.
The El Salvador government, in partnership with stablecoin issuer Tether, launched the Freedom Visa-a citizenship-by-donation program that grants residency and a pathway to citizenship for 1,000 people willing to put down a $1 million Bitcoin (BTC) or Tether (USDT) donation toward the country development.
Announcing the launch of a freedom visa, the country wrote on its official site,
“Experience Freedom, Security, and a Bitcoin lifestyle by adopting El Salvador as your home. El Salvador has been reborn as the land of economic liberty. But this is just the beginning. Come help us build the future you want to see. The Freedom Visa has the technological support of Tether UsDT 0.0%, my current employer. The fees of the program can be paid in BTC or the stablecoin USDT”.
The country’s adoption of a visa program announced in collaboration with stablecoin issuer Tether, aims to grant citizenship to wealthy foreign investors. To be eligible, participants must commit $1 million in Bitcoin or USDT investment with an additional $999 non-refundable deposit counting toward the total investment.
El Salvador intends to push this innovative approach to using cryptocurrency investments to attract investors seeking citizenship and rebuild the country’s economy. The expected gain for the citizenship-by-investment program is predicted to generate up to $1 billion if fully subscribed, and will also transform El Salvador into a critical revenue stream comparable to other countries with similar initiatives.
Despite the high costs of its citizenship-by-investment programs, the Central American country is an attractive market for crypto investors due to its pro-Bitcoin initiatives. Recall that the country’s President Nayib Bukele made headlines after he announced Bitcoin as a legal tender and provided tax breaks on income and capital gains for tech firms that invest in the country over the next 15 years.
After Bitcoin hit a new all-time high of $41,000 this year, President Bukele revealed that the country’s investment in Bitcoin is currently in profit.
He further disclosed that with the current Bitcoin market price, if the country is to sell its Bitcoin investments, it would not only recover 100% of its investment but also make a profit of $ 3,620 277.13 USD. He however noted that there is no intention to resell, as it has never been the objective.
Meanwhile, Bukele’s stance on holding Bitcoin as part of a long-term strategy is consistent with the country’s leadership vision to integrate cryptocurrencies into its economy. The Central Africa Republic (CAR) is the only country that has so far followed El Salvador’s footsteps in adopting Bitcoin as a legal tender.