By George Ward
Bitcoin investors can now become European Union (EU) citizens via Portugal’s golden visa program to boost the country’s digital economy. According to Alessandro Palombo, co-founder of Unbound Fund, a Bitcoin investment will be the yardstick to attaining citizenship in Portugal, providing the country exposure to BTC.
Portugal Residency via Bitcoin Investment
Palombo explained that participants in his fund who own Bitcoin valued at 500,000 euros, or roughly $542,000, will be eligible for Portugal’s Golden Residence Permit Program. It is a five-year residence-by-investment scheme designed to give non-EU citizens the chance to live in Portugal and become residents.
The program’s appeal to cryptocurrency investors stems not only from the possibility of residency but also from the financial advantages it offers. Interestingly, Bitcoin has become a focal point for countries looking to offer their citizenship to crypto investors.
Furthermore, Palombo stressed that his fund is committed to investing in businesses that passively hold Bitcoin rather than using market timing techniques to sell the cryptocurrency. In addition, the fund will invest in exchange-traded funds (ETFs) offered by BlackRock, which the firm chose due to their simplicity and security.
Palombo is confident that Bitcoin can be used to improve freedom of movement in line with Portugal’s investor-friendly policies. Accordingly, he noted that they have already onboarded consumers and are in talks with complementary teams.
Bitcoin’s Uptrend Potential
Meanwhile, analysts expect more gains by cryptocurrencies (including BTC) once the market recovers from the last crash. Notably, the prominent crypto analyst Ali Martinez noted that there are indications of a potential price breakout for BTC.
Martinez clarified that Bitcoin’s Relative Strength Index (RSI) has broken a declining trendline (on the 1-hour chart), indicating a possible upward advance from a technical standpoint. However, the crypto asset must close over $66,450 to validate this bullish breakout. At $66,411 as of the current trading session, BTC’s price has decreased by 0.8% over the previous day.
Technical Indicators Support Bitcoin Bullish Momentum
Besides the RSI, other technical indicators support a BTC price rally. For instance, BTC is trading above both its 200-day Simple Moving Average (SMA) and Exponential Moving Average (EMA), according to TradingView.
A bullish market trend is often imminent when a crypto asset trades above these averages, indicating that BTC is currently positioned for future price gains. With the RSI indicating that BTC’s price could hit the $67,000 mark soon, its next crucial resistance would be $69,000 once it flips the $67,000 price to support.
Strong technical indicators, strategic fund investments, and eligibility for Portugal’s Golden Residence Permit Program all point to more BTC price surges, indicating a bright future for BTC investors.