Bitcoin country El Salvador will give away 5,000 passports to excellent people

El Salvador will give away 5,000 “free passports” to excellent people who have the potential to move the country forward. President Nayib Bukele announced this on Saturday in a new attempt to boost the country’s economy and development.

It is an interesting approach, because, among other things, due to the war in Ukraine, many smart people are looking for a new home.

We’re offering 5,000 free passports (equivalent to $5 billion in our passport program) to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.

This represents less than 0.1% of our population, so granting them full citizen status, including…

— Nayib Bukele (@nayibbukele) April 6, 2024

Good for bitcoin?

In theory, this is also good for bitcoin. El Salvador, of course, officially adopted bitcoin as legal tender in 2021, but is also investing in the digital currency in various ways.

It buys bitcoin as a reserve asset, but also does bitcoin mining. In this way, the country is really starting to become a “superpower” in the field of bitcoin or at least an important pioneer.

If we can attract 5,000 excellent people to El Salvador with the promise of a new passport, it could really move the country forward.

In his announcement, Bukele writes that El Salvador is open to scientists, engineers, doctors, artists and philosophers. It will be interesting to see what kind of people El Salvador manages to attract with this.

Major impact on society and the future of our country

“Despite the small number, their contributions will have a huge impact on our society and the future of our country,” said President Nayib Bukele of El Salvador.

According to the president, people do not have to be afraid of the political impact of these people. An influx of 5,000 people would mean a population growth of less than 0.1 percent.

That does not seem to be enough to influence political votes, although it is of course beneficial for Bukele to gain 5,000 influential supporters. In theory, they could indeed manipulate the public debate surrounding the president.

In that respect, this seems to be a development that is positive for bitcoin in several ways. Extra support for Bukele also indirectly means extra support for bitcoin.