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$153 Million in Bitcoin to Go into El Salvador Economy: Max Keiser

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Mon, 11/12/2023 - 12:53
$153 Million in Bitcoin to Go into El Salvador Economy: Max Keiser
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Early Bitcoin adopter and evangelist Max Keiser published a tweet to spread the word about the new Bitcoin that the country of El Salvador is about to receive a hefty amount of funds in as “entry fees” from people who want to become citizens.

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These wealthy individuals will become El Salvador residents using the recently launched “Adopting El Salvador Freedom” program by president Nayib Bukele.

$153 million in Bitcoin donations to head to El Salvador

Being the Bitcoin advisor for El Salvador’s president Nayib Bukele, Max Keiser has been recently promoting the above-mentioned program to his 546,500 followers on Twitter/X platform.

This program allows 1,000 individuals per year to become residents of the country and receive its passport if they donate $1,000,000 in Bitcoin or USDT.

On Sunday, Keiser tweeted that so far 153 individuals have applied, which means that if all of them are approved, El Salvador will see an influx of $153,000,000 worth of Bitcoin and/or USDT.

According to the program’s web page, this initiative targets high-net-worth individuals who can make “an economic and societal contribution” and, thus, help the state to turn into “a global hub for technology, freedom, new capital markets on bitcoin and peer-to-peer innovation.”

The page emphasizes that “potential applicants would need to meet the financial threshold specified by the government, set at $1 million in Bitcoin or USDt. Successful applicants are eligible for a Salvadoran passport.”

An applicant is allowed to include his family for the same fee — a spouse and children under the age of 18. The application also includes a nonredeemable fee of $999 for the authorities to check the candidates for eligibility.

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This is a curious fact about El Salvador also accepting USDT since, officially in 2021, Nayib Bukele announced that the only crypto held by the state and used as a national currency will be Bitcoin.

Keiser has been a vocal BTC maximalist and regularly slamming altcoins, including Ethereum, Cardano and Ripple-affiliated XRP as securities and calling on the SEC to prohibit their trading, leaving only Bitcoin, which is considered by the regulator as a commodity.

In a tweet published a week ago, Keiser stated that his Bitcoin stash has surged by a whopping 20,000,000% since 2011.

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