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Bitcoin Investment Fund Opens Doors to EU Citizenship

A new investment fund is now offering Bitcoin holders a chance to become European Union (EU) citizens through Portugal’s golden visa program. This opportunity has been introduced by Alessandro Palombo, the co-founder and CEO of Unbound Fund.

Portuguese Citizenship Through Bitcoin Investment

In a recent post, Alessandro Palombo announced that their fund is the first to allow investors to gain Portuguese citizenship by investing in Bitcoin (BTC). According to Palombo, this unique opportunity is possible through Portugal’s Golden Residence Permit Program.

Investing in Bitcoin for EU Citizenship

To qualify for this program, investors need to indirectly hold Bitcoin worth 500,000 euros (about $542,000) through the Unbound Fund. This investment will make them eligible for the Portugal Golden Residence Permit Program. This program is a five-year residence-by-investment program designed for non-EU nationals.

How the Fund Works

Palombo explained that the fund invests in companies that have a 100% passive Bitcoin holding strategy. This means the fund is not trying to time the markets to sell BTC. Additionally, the fund will invest in BlackRock exchange-traded funds (ETFs) to ensure security and simplicity.

Palombo’s Vision for Bitcoin and Freedom

Palombo believes that using Bitcoin as a tool for gaining freedom of movement is mutually beneficial for both the investors and Portugal. He has chosen to live in Portugal with his family and thinks the European citizen-by-investment program is the best for technical and strategic reasons.

Current Success and Future Plans

Palombo mentioned that the fund has already onboarded several customers and is in talks with complementary teams to expand their services.

Bitcoin Price Surge

On July 22, Bitcoin’s price reached its highest level in 40 days, peaking at $68,518 on some platforms. Analysts attribute this nearly 20% increase in 10 days to the end of the German government’s Bitcoin sell-off and growing confidence in the US Federal Reserve cutting interest rates in 2024.

The Portugal Golden Residence Permit Program

The Portugal Golden Residence Permit Program, often called the Portugal Golden Visa Program, is a five-year residence-by-investment program for non-EU nationals. This program allows investors to live, work, and study in Portugal and move freely within Europe’s Schengen Area.

Benefits of the Portuguese Golden Visa

• Visa-free travel: Allows visa-free travel in Europe’s Schengen Area.
• Work and Study: Gives the right to live, work, and study in Portugal.
• Citizenship Eligibility: Investors can apply for citizenship after five years as legal residents while keeping their other citizenships.
• Low Physical Presence Requirement: Only requires an average of seven days per year stay in Portugal over this period.
• High Quality of Life: Portugal offers excellent international and Portuguese schools and universities, local cuisine, a mild climate, rich culture, and high-level security.
• Healthcare: Provides access to international quality healthcare clinics and hospitals.

Requirements for the Portugal Golden Visa

Applicants can choose from several investment options in different categories:

Capital Transfer Options

1. Investment Fund or Venture Capital: Invest 500,000 euros in a fund dedicated to the capitalization of Portuguese companies with a five-year maturity and at least 60% of the investment portfolio in companies headquartered in Portugal.
2. Scientific Research: Invest 500,000 euros in public or private research activities within Portugal’s national scientific and technological system.
3. Low Population Density Area: Invest 400,000 euros in a low population density area.
4. Cultural Support: Invest 250,000 euros in artistic production or the recovery/maintenance of national cultural heritage.
5. Low Population Density Cultural Support: Invest 200,000 euros in cultural projects within a low population density area.

Business Investment Options

1. Job Creation: Create a minimum of ten new jobs or eight new jobs in a low population density area.
2. Commercial Company Incorporation: Invest 500,000 euros in setting up a commercial company in Portugal that creates at least five permanent jobs for three years or increases the share capital of an existing company, maintaining at least ten jobs for three years.

Low Population Density Area Definition

A low population density area in Portugal is defined as having less than 100 inhabitants per square kilometer or a GDP per capita below 75% of the national average.

Procedures and Time Frame for the Golden Visa

After receiving the residence permit, applicants must provide biometric data and updated original documents at each renewal. The initial permit is typically issued for one year but has been extended to two years due to the Covid-19 pandemic. Subsequent renewals are for two-year periods.

Application Process

The application process involves two trips to Portugal:

1. Initial Trip: To choose the qualifying investment, start the legal process, and open a bank account.
2. Second Trip: To provide biometric data and original documents.

The entire process to acquire a Portuguese residence permit through investment can take over 18 months.

Why Choose Portugal for Bitcoin Investment?

Portugal is an attractive destination for Bitcoin investment due to its favorable climate, rich culture, and strategic location in Europe. The country offers a high quality of life with excellent education and healthcare systems. The Golden Visa Program also provides a pathway to EU citizenship, making it a desirable option for investors looking to expand their opportunities in Europe.

Conclusion

The Unbound Fund, led by Alessandro Palombo, offers a groundbreaking opportunity for Bitcoin holders to gain EU citizenship through Portugal’s golden visa program. By investing in Bitcoin and meeting the program’s requirements, investors can enjoy the benefits of living, working, and traveling freely within the European Union. With the rising value of Bitcoin and the strategic advantages of the Portuguese Golden Visa Program, this initiative presents a unique and attractive investment avenue for non-EU nationals.

Ferrari Extends Cryptocurrency Payments to Europe After US Launch

Introduction

Ferrari announced on Wednesday that it would expand its cryptocurrency payment system to Europe. This follows the successful launch of the system in the United States last year. Starting at the end of this month, European dealers will begin accepting payments in cryptocurrency for Ferrari’s luxury sports cars. The Italian company plans to extend this scheme to other international dealers by the end of 2024, provided cryptocurrencies are legally accepted in those countries.

Expanding to Europe

Ferrari’s decision to expand its cryptocurrency payment system to Europe comes after a successful run in the United States. The company aims to support its European dealers in better addressing the evolving needs of their wealthy customers. According to Ferrari, most of its dealers in Europe have either already adopted the new payment system or are in the process of doing so.

The US Launch

Ferrari started accepting cryptocurrency payments in the United States last year. Despite the volatility of cryptocurrencies like Bitcoin and Ether, Ferrari responded to requests from its wealthy customers who preferred using digital currencies. For this launch, Ferrari partnered with BitPay, one of the biggest cryptocurrency payment processors. BitPay facilitated transactions in Bitcoin, Ether, and USDC, a stablecoin. This partnership ensured that cryptocurrency payments were immediately converted into traditional currency, protecting Ferrari dealers from price swings and excluding fees or surcharges for clients.

Cryptocurrency and Luxury Cars

While many blue-chip companies have avoided cryptocurrencies due to their volatility, Ferrari took a different approach. By accepting cryptocurrencies, Ferrari met the demands of its affluent clientele. This move highlights how luxury car manufacturers can adapt to changing market dynamics and customer preferences. As cryptocurrencies gain more acceptance, it’s likely that other high-end brands might follow Ferrari’s lead.

Challenges of Cryptocurrency Payments

Despite the advantages, there are challenges associated with using cryptocurrencies for payments. One major issue is the patchy regulation of digital currencies across different countries. For instance, countries like China have restricted the use of cryptocurrencies. Additionally, the high energy usage required for cryptocurrency transactions has also been a deterrent.

BitPay Partnership

BitPay played a crucial role in Ferrari’s cryptocurrency payment system. As a leading cryptocurrency payment processor, BitPay allowed Ferrari to handle transactions smoothly. By converting cryptocurrency payments into traditional currency, BitPay protected Ferrari dealers from the volatility of digital currencies. This partnership also ensured that clients were not charged additional fees or surcharges, making it easier for them to use cryptocurrencies for purchasing Ferrari cars.

Future Plans

Ferrari plans to expand its cryptocurrency payment system to other parts of the world by the end of 2024. However, this expansion will depend on the legal acceptance of cryptocurrencies in these regions. Ferrari has not yet provided details on whether it will continue to use BitPay or partner with other payment processors in Europe and other regions.

Addressing Customer Needs

Ferrari’s decision to accept cryptocurrency payments is a response to the evolving needs of its customers. Many wealthy clients prefer using digital currencies for transactions, and Ferrari aims to cater to these preferences. By offering an alternative payment system, Ferrari provides its clients with more flexibility and convenience.

Legal and Regulatory Aspects

The legal acceptance of cryptocurrencies varies from country to country. In some regions, digital currencies are widely accepted, while in others, they face significant restrictions. Ferrari’s expansion plan will take these legal and regulatory aspects into account. The company aims to ensure that it complies with all relevant laws and regulations in the countries where it operates.

Energy Consumption Concerns

High energy usage is another concern associated with cryptocurrency transactions. The process of mining and verifying transactions requires substantial computational power, which translates to high energy consumption. This has raised environmental concerns, which Ferrari will need to address as it expands its cryptocurrency payment system.

Conclusion

Ferrari’s decision to extend its cryptocurrency payment system to Europe marks an important step in the luxury car market. By embracing digital currencies, Ferrari caters to the preferences of its affluent clients and stays ahead of market trends. The partnership with BitPay has been instrumental in ensuring smooth transactions and protecting dealers from cryptocurrency volatility. As Ferrari looks to expand this system globally, it will need to navigate various legal, regulatory, and environmental challenges. However, by addressing these issues, Ferrari can continue to offer innovative solutions to its customers and maintain its position as a leader in the luxury car industry.

Introduction to Cryptocurrency and Money

Cryptocurrency is a new kind of technology and financial tool. While it shares some features of money, it feels different. Some experts call cryptocurrencies “money,” but is that correct? Can we truly call cryptocurrencies money? Are they different enough from traditional money that we need to change what we think money is?

What is Money?

Before we decide if cryptocurrencies are money, we need to understand what money is. Money has certain properties that make it useful. Here are the main properties of money:

• Medium of Exchange
• Unit of Account
• Portable
• Divisible
• Durable
• Fungible
• Store of Value
• Relative Scarcity

Medium of Exchange

Money must be easy to exchange for goods and services.

Unit of Account

Money must help us compare the value of different goods and services.

Portable

Money needs to be easy to carry and move.

Divisible

Money should be easy to divide into smaller parts.

Durable

Money must last a long time without getting damaged.

Fungible

One unit of money should be the same as another unit of money.

Store of Value

Money should keep its value over time.

Relative Scarcity

Money should not be too common; there should be a limited supply.

How These Properties Came to Be

These properties were discovered over thousands of years through billions of trades. Merchants realized these properties were necessary for smooth trading. Removing even one property made trade harder. This is why gold and silver have been used as money for so long.

In the past, people used many different forms of currency. Through experience, they learned which properties were best for trading value. Over time, gold and silver became the most common forms of money because they had all these properties. Other metals like copper are used too, but mainly for very small transactions.

Key Takeaway

For something to be money, it must have all these properties. If it lacks even one property, it is not money. This is important to remember when we talk about digital money.

Cryptocurrency and Traditional Money Properties

Now, let’s look at whether these properties apply to digital money, like cryptocurrencies. Here are the properties of money again:

• Medium of Exchange
• Unit of Account
• Portable
• Divisible
• Durable
• Fungible
• Store of Value
• Relative Scarcity

Applying Traditional Money Properties to Digital Assets

Do these properties apply to digital transactions? The answer is yes. All these properties are important for digital money too.

Portable

A digital asset must be portable to allow for quick and easy transactions.

Divisible

A digital asset must be divisible. Otherwise, it would be like a collectible, not money.

Durable

A digital asset must be durable, meaning it should be secure from hackers and government interference.

Fungible

A digital asset must be fungible. One unit of the digital asset should be the same as another unit.

Unit of Account

A digital asset must serve as a unit of account to assign value to goods and services.

Medium of Exchange

A digital asset must be a good medium of exchange to facilitate transactions of any size.

Relative Scarcity

A digital asset must be relatively scarce to protect its long-term value.

Store of Value

A digital asset must be a good store of value, keeping its value over time and space.

Exploring Digital Monetary Properties

There are over 20,000 cryptocurrencies today. What makes a cryptocurrency? Simply put, a cryptocurrency is a currency used to pay for goods and services. Its defining feature is that it’s digital and not controlled by any single party.

Decentralization

Decentralization means no single party controls the cryptocurrency network. No one controls the issuance of the assets, and no single party can influence the network. This is important for security and trust in digital money. In an adversarial environment, decentralization protects the network from attacks.

Privacy

Privacy is crucial for digital money. Without privacy, digital coins can be tracked and traced, compromising their fungibility. Cryptocurrencies with public ledgers, like Bitcoin, lack privacy, making each coin’s history unique. This means 1 Bitcoin is not the same as another Bitcoin. Privacy ensures that digital coins remain fungible.

Scalability

Scalability refers to the ability of a network to handle increased demand. If a network cannot scale, transaction fees can skyrocket, making it unusable for small transactions. For a digital asset to be a good medium of exchange, it must be scalable. Some cryptocurrencies, like Bitcoin Cash and Monero, have shown they can scale while keeping fees low.

Absolute Scarcity

Absolute scarcity means there is a fixed supply of the cryptocurrency. Bitcoin, for example, has a fixed supply of 21 million coins. While this makes the asset more valuable over time, it may not be practical for everyday transactions. An asset with a fixed supply can experience extreme deflation, making it difficult for merchants to price goods and services.

Programmability

Programmability allows for the creation of smart contracts and decentralized applications on the blockchain. While this is a fascinating feature, it is not necessary for a digital asset to be considered money.

Conclusion

In summary, cryptocurrencies need to have the properties of traditional money to be considered as such. These properties include being a medium of exchange, unit of account, portable, divisible, durable, fungible, store of value, and relatively scarce. Additionally, for digital money, decentralization, privacy, and scalability are crucial.

While many cryptocurrencies exist, only a few, like Monero, have the necessary properties to function as money in the long term. Understanding these properties helps us see how digital assets can fit into the future of finance.

Bitcoin National Reserve Proposal Sparks Bold $1 Million Predictions

There has been a surge of interest and discussion surrounding Bitcoin lately. A notable figure in the cryptocurrency world, Andrew Kang, has proposed that Bitcoin could potentially be recognized as a national asset. This idea has ignited conversations within the crypto community, with enthusiasts debating its global implications and setting ambitious price targets for Bitcoin.

From Speculation to Advocacy

Andrew Kang’s recent analysis has stirred significant debate. In a widely circulated post, Kang revealed that discussions are taking place among leaders about the possibility of incorporating Bitcoin into national treasury reserves. Although these discussions remain speculative, they highlight the significant potential Bitcoin holds, which could lead to major benefits for some, albeit not for everyone.

Kang believes these discussions point to Bitcoin’s untapped potential, even if they don’t lead to immediate action. Should Bitcoin become a national treasury asset, Kang predicts its value could skyrocket to $1 million. He notes that Bitcoin’s current market capitalization is significantly undervalued, even considering a modest probability of 5-10%. This undervaluation is especially noteworthy given the recent increase in Bitcoin interest from less than 1%.

A Global Ripple Effect

The concept of the US adopting Bitcoin as a reserve currency is groundbreaking. Kang asserts that if the US were to embrace Bitcoin in this way, it would likely prompt other nations to follow. This would not only validate Bitcoin as a reliable store of value but also expedite its adoption in international financial markets.

Adding to the optimism are rumors that a major Asian company may soon take on roles akin to those of Coinbase and MicroStrategy. Such a development would enhance Bitcoin’s image and encourage more businesses to invest in the cryptocurrency market.

Kang points to the rapid succession of these positive developments, suggesting that the next few months will be pivotal for Bitcoin and its proponents. With potential government endorsement, broader adoption, and increasing corporate interest, Bitcoin could be on the verge of a new era.

Navigating Benefits and Risks

While the potential benefits of Bitcoin as a national asset are significant, the implementation poses substantial challenges. If the US government were to recognize Bitcoin, it could bolster its position as a global financial leader, particularly against rivals like China and Russia. This move could drive innovation, attract blockchain technology experts, and lead to the establishment of a robust regulatory framework that enhances the security of cryptocurrency transactions and promotes wider adoption.

However, the risks are considerable. Bitcoin’s notorious volatility presents a significant threat to economic stability. A sudden drop in Bitcoin’s value could disrupt the economy and complicate monetary policy management.

Policymakers would need to carefully balance the drive for innovation with the need for a secure and stable financial system. Incorporating Bitcoin as a strategic reserve asset could greatly enhance its credibility in the financial sector, but this must be carefully weighed against potential economic risks and consumer protection concerns.

The Path Forward

The ongoing discussions about Bitcoin potentially becoming a national asset highlight its increasing recognition and transformative potential in global finance. With ambitious price targets and the possibility of setting a global precedent, Bitcoin stands on the brink of a significant shift.

However, the journey ahead will be complex and requires careful strategizing. The coming months will be critical in determining whether Bitcoin will solidify its role in national financial systems or remain a speculative asset with untapped potential.

In summary, Andrew Kang’s proposal that Bitcoin could be recognized as a national asset has sparked bold predictions and lively discussions within the cryptocurrency community. With the potential for Bitcoin to become a national treasury asset, its value could skyrocket to $1 million. The idea of the US adopting Bitcoin as a reserve currency could have a global ripple effect, prompting other nations to follow and validating Bitcoin as a reliable store of value.

However, while the benefits of Bitcoin as a national asset are significant, the risks are considerable. Policymakers must carefully balance the drive for innovation with the need for a secure and stable financial system. The journey ahead will be complex and requires careful strategizing. The next few months will be critical in determining whether Bitcoin will solidify its role in national financial systems or remain a speculative asset with untapped potential.

With potential government endorsement, broader adoption, and increasing corporate interest, Bitcoin could be on the verge of a new era. The ongoing discussions about Bitcoin potentially becoming a national asset highlight its increasing recognition and transformative potential in global finance. The future of Bitcoin as a national asset is still uncertain, but the possibilities are exciting.

Andrew Kang’s proposal has stirred significant debate, highlighting the significant potential Bitcoin holds. The concept of the US adopting Bitcoin as a reserve currency is groundbreaking and could have a global ripple effect. The potential benefits of Bitcoin as a national asset are significant, but the risks are considerable. Policymakers must carefully balance the drive for innovation with the need for a secure and stable financial system.

In conclusion, the journey ahead for Bitcoin as a national asset will be complex and requires careful strategizing. The next few months will be critical in determining whether Bitcoin will solidify its role in national financial systems or remain a speculative asset with untapped potential. The future of Bitcoin as a national asset is still uncertain, but the possibilities are exciting.

In recent days, Bitcoin has been the subject of intense scrutiny among analysts predicting its next price move. The consensus among experts is that Bitcoin could soon reach $77,000, marking a significant milestone in its current bull cycle. To validate this potential rally, Bitcoin must first surpass its previous all-time high of $73,700.

Technical Analysis and Bullish Signals

Technical charts reveal a bullish pattern known as a bull flag, characterized by two upward rallies separated by brief retracements. This pattern typically indicates continued upward momentum for Bitcoin. Analysts interpret these signals as positive indicators for Bitcoin’s price trajectory, suggesting a strong likelihood of reaching $77,000 in the near term.

Key Resistance Levels and Support

Despite these optimistic forecasts, Bitcoin faces substantial resistance at the $65,000 mark. This level has become a critical indicator for crypto analysts, representing a significant hurdle that Bitcoin must overcome to sustain its upward momentum. On the other hand, historical all-time highs serve as essential support and resistance zones, with the $73,700 level being a crucial benchmark for confirming further price increases.

Impact of ETF Inflows on Bitcoin’s Price

Recent data indicates a substantial influx of funds into US spot Bitcoin ETFs, totaling $422 million on July 16 alone. These inflows have been instrumental in driving Bitcoin’s price rally, underscoring the growing influence of ETF investments in the cryptocurrency market. Analysts estimate that ETFs accounted for approximately 75% of new investments in Bitcoin when it surpassed the $50,000 mark earlier this year.

As analysts anticipate continued growth in Bitcoin’s price, a significant catalyst lies in the expected inflows into Bitcoin ETF funds in the coming weeks. These ETFs have been pivotal in recent price movements, with substantial investments pouring in since early July, culminating in a notable $422 million influx on July 16 alone. This surge in ETF activity underscores a growing institutional interest in Bitcoin, as these funds offer a regulated and accessible avenue for large-scale investors to enter the cryptocurrency market.

The projected increase in ETF inflows could further propel Bitcoin towards the $77,000 mark, as outlined by bullish forecasts. Such inflows not only inject liquidity into the market but also signal confidence among institutional investors in Bitcoin’s long-term viability as a store of value and potential for substantial returns. Analysts suggest that if these trends persist, Bitcoin could see sustained upward momentum, potentially surpassing key resistance levels like $65,000 and the previous all-time high of $73,700.

Moreover, the influx of funds into Bitcoin ETFs reflects broader market sentiments and economic conditions, indicating a favorable environment for cryptocurrency adoption and investment. As regulatory frameworks continue to evolve to accommodate digital assets, ETFs serve as a crucial bridge between traditional finance and the burgeoning crypto market, offering investors diversified exposure and regulatory oversight.

The expected ETF inflows into Bitcoin ETF funds present a promising outlook for the cryptocurrency’s price trajectory, with potential growth avenues opening up amidst increasing institutional participation and market confidence.

Forecast for Bitcoin’s Future Movements

Looking ahead, analysts are closely monitoring ETF inflows as a key determinant of Bitcoin’s future price movements. The uptick in ETF investments since July 5 has bolstered confidence in Bitcoin’s ability to maintain its upward trajectory. Should this trend continue, Bitcoin could potentially reach the $69,000 mark as the next significant milestone before aiming for $77,000 and beyond.

Conclusion

In conclusion, Bitcoin’s price outlook remains optimistic amidst bullish technical signals and significant ETF inflows. As it continues to navigate key resistance levels and historical price highs, the cryptocurrency market anticipates further upward movement towards the coveted $77,000 mark. With ETFs playing a pivotal role in shaping Bitcoin’s price dynamics, investors and analysts alike are closely monitoring these developments for insights into future market trends.