El Salvador’s National Bitcoin Office (ONBTC) has ignited a frenzy with its groundbreaking $1 million Freedom Visa program. Launched on December 7, the initiative, in partnership with stablecoin issuer Tether, has garnered significant attention, receiving hundreds of inquiries in just a few days. The ONBTC anticipates a swift sell-out, projecting the program’s closure before the close of 2023.

In statements provided to Cointelegraph via email, a spokesperson for El Salvador’s National Bitcoin Office revealed that both online and in-person channels at embassies and consulates are buzzing with “many dozens of applications.” The current level of interest suggests a rapid depletion of the 1,000 available slots allocated for the program each calendar year.

Soaring Interest and Controversies

El Salvador’s $1 million Bitcoin or Tether donation requirement for the Freedom Visa has sparked discussions among market commentators. Alistair Milne, Chief Investment Officer at Altana Digital Currency, voiced his concerns, branding the program as “uncompetitive” compared to similar offerings, like Malta’s full European citizenship for $810,000. However, the National Bitcoin Office defends the hefty price tag, asserting that it is not only fair but potentially undervalued.

Bitcoin Nation: A Unique Proposition

According to the ONBTC spokesperson, the $1 million price tag is justified by El Salvador’s distinction as the only “Bitcoin country.” Despite comparisons to other visa programs, the allure lies in the numerous pro-Bitcoin policies implemented by former President Nayib Bukele. His decisions, such as recognizing Bitcoin as legal tender and eliminating capital gains taxes for Bitcoin investors, have set the stage for a crypto-friendly environment.

A Presidential Legacy and Future Prospects

President Bukele, a key architect of El Salvador’s pro-Bitcoin stance, stepped down from office on December 1. His decision to focus on a re-election campaign ahead of the country’s general election in February 2024 marks a pivotal moment. The question now lingers: Will the incoming leadership maintain the crypto-friendly initiatives that have made El Salvador a beacon for Bitcoin enthusiasts?

The Road Ahead

As the $1 million Freedom Visa program gains traction, the debate over its competitiveness intensifies. While critics argue over the price, supporters highlight the unique opportunity El Salvador presents to the global Bitcoin community. The next wave of applicants awaits a decision that could potentially shape the future of citizenship-by-donation programs and solidify El Salvador’s position as a trailblazer in the world of crypto-friendly nations.