El Salvador’s National Bitcoin Office has launched a $1 million Freedom Visa program, which has already received significant interest since its launch on December 7. The program offers a residency visa and pathway to citizenship for 1,000 individuals who are willing to make a $1 million donation in Bitcoin or Tether. The program has received hundreds of inquiries and dozens of applications both online and in person. The National Bitcoin Office expects the program to sell out by the end of the year.

While some market commentators have criticized the program as uncompetitive compared to other visa programs, the National Bitcoin Office believes that the $1 million price tag is fair and even underpriced. They argue that El Salvador’s pro-Bitcoin policies and incentives, such as recognizing Bitcoin as legal tender and removing capital gains taxes for Bitcoin investors, make the country an attractive option for Bitcoiners looking for a change.

President Nayib Bukele, who has implemented these pro-Bitcoin policies, recently stepped down to focus on his reelection campaign. Despite the criticism, the National Bitcoin Office remains confident in the success of the Freedom Visa program and the potential it holds for attracting Bitcoin investors to the country.